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Technical analysts at Barclays Capital say AUD/USD has benefited from copper hitting all time highs in recent sessions. "Within the wider $0.9540 to $1.0180 range, the market appears to be completing a basing pattern," they say. As long as Aussie does not break back below $0.9750 (Dec 8 lows at $0.9747), there is scope for a return to the 2010 peaks (around $1.0180 seen Nov 5), with initial resistance seen at $1.0040, they say. Aussie, currently at $1.0010, last closed above parity Nov 10.
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