AUD/USD at 0.9025 after Business Confidence Rose

The Australian dollar received a leg up on Tuesday after an upbeat local business survey helped the currency break a key chart barrier, and investors were awaiting testimony by the new chief of the U.S. Federal Reserve.

The Aussie leapt to its highest in a month at $0.9016, from $0.8942 in early trade, and was last at $0.9007. A sustained break above major chart resistance at 90 cents would target the 2014 peak of $0.9087.

It found support after a measure of Australian business conditions rose to its highest in nearly three years in January. The private survey also showed firms felt more confident about the outlook for orders and employment.

CNBC

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.