Daily Forex Update: AUD/USD

The area from 0.8950 to 0.8970 continues to put pressure on the bulls as the Australian Dollar holds onto its gains from the past week against the U.S. Dollar in the AUD/USD pair. The Aussie Dollar and the commodities sector move in strong correlation, and with the Dow Jones higher today, commodities are rallying - which keeps sentiment bullish on the intraday AUD/USD. The current ceiling at 0.8971 is also near the 200 period simple moving average on the daily time frame which will present significant resistance.