AUD/USD hits new session highs, Gold/copper underpin

FXStreet (Bali) – AUD/USD found bids above the 0.7245/50 support level, initially pushign towards 0.7262 daily pivot, only to extend gains to a new high of 0.7270.

Upside projection between 0.7270/80

Based on the projection from the initial spike off 0.7245, the first target for bulls shoudl come in around 0.7270/75 (150% projection), followed by 0.7280 (200% projection). On the dwnside, 0.7260 is the point of control that buyers should defend now.

Metals, USD weakness key theme

Both gold and copper have been on the rise during Asia, assiting the pop higher in the Aussie, with broad-based USD weakness also facilitating the move up. Market conditions remain extremely thin during the quiet Chistmas and pre-New Year period.

AUD/USD found bids above the 0.7245/50 support level, initially pushign towards 0.7262 daily pivot, only to extend gains to a new high of 0.7270.

(Market News Provided by FXstreet)