The Antipodean currencies are even firmer against the US Dollar on early Asian trade as they are supported by surging commodity prices, defying the debt concerns in the Euro zone and the plummeting common currency. The AUDUSD pair climbed to high of 1.0144 at 23:00 GMT, some 32 pips above the high of the previous Asian session, good supported level is the 1.0063, while resistance net is spotted at 1.0155. The Aussie has recovered significantly from the massive losses of the previous week of the 0.9704 trough and the gains are seemed to be sustainable.
The AUDUSD pair has built a good base throughout the present week and the effects of the Japanese quake and tsunami have fade very earlier, with the pair to have prospects for further gains. The NZ Dollar has spurred during the first half of today’s Asian session versus its US counterpart, to hit a high of 0.7455 equalizing the high of March 11, which represents the immediate resistance level for the pair.
So far in the session the Kiwi gained some 34 pips, but the pair it is not only supported by the high commodity prices, as New Zealand’s GDP came out earlier today adding 0.2% for the fourth quarter of the previous year rate, sparkling optimism for the domestic economy, giving a first signal that the country has recovered from recession. Good support can be seen at 0.7336. Currently the Kiwi is trading close to its high at 0.7446 and the AUDUSD pair is at 1.0129.