Forex: AUD/USD extends gains above 1.0320

AUD/USD extends the gains following RBA gov not very dovish comments earlier on the session, printing fresh highs at 1.0322, now off those highs at 1.0315 last. Aussie is also stronger against Euro, printing fresh 1-month lows in EUR/AUD cross at 1.2791. AUD/USD is back to positive for the week so far, up a tiny +0.16%, while Australian ASX index is higher by near +1% for the day.

Gold recovering above the $1580 mark is also helping the Aussie up move, markets sources reporting selling is driven on strops triggered a plenty, with market caught short ahead of weekend, as RBA Stevens comments to parliament sounded anything but dovish. USD hitting a fresh 4-month highs above 81.5 of USD index, at a 50% Fibo retrace of a major weekly leg down, with commercial traders already net short again according to latest COT, is also working as Aussie supportive.

Immediate resistance to the upside for AUD/USD shows at recent session highs/Feb 14 lows 1.0322/5, followed by Feb 07 highs at 1.0340, and Feb 09 highs at 1.0350. To the downside, closest support lies at Feb 18 lows 1.0275, followed by NY session highs at 1.0264, and recent fresh 4-month lows at 1.0220.