Currencies tied to commodities extended its rally today, from last week, including the Australian dollar. The AUD/USD pair extended its gains at the London close, reaching an intra-day high of 0.9023, managing to break the key resistance of 0.8955 on the European session. The price was last attained over two months ago, on May 13. The pair picked up momentum after the release of the dismal US new home sales report. At the time of writing, the pair is trading around 0.8990/95, a 0.35% rise over today’s opening price. According to analysts, the pair is expected to find support at 0.8940, while the resistance level lies at 0.9040.
