The Australian Dollar reaches the highs of March 2018 at US$0.7907 during Monday’s Asian session as rising commodity prices strengthened the AUD/USD pair’s outlook.
Iron ore, one of Australia’s main exports, is trading near 10-year highs after future benchmark prices surged late last week as Chinese markets reopened following the Lunar New Year holiday break.
Meanwhile, copper prices also rose last week as many investors are beginning to embrace a possible commodity bull cycle.
As to what extent the AUD/USD is still uncertain; however, we should not rule out a potential move to US$0.7905-15, with US$0.7960-65 viewed above.
The support holds from US$0.7830-40. Reassess from there.