The Australian dollar broke important resistance, reached a 10 week high and is eying the float-era high. Here is an update on AUD/USD and 4 reasons for this move. AUD/USD now trades at 1.0215, after making a convincing break above 1.0180. The 1.0180 line was the previous historic top, reached in November 2010, after QE2 was announced in the US. Since then, this line served as a very tough resistance line over and over again. The last time that the Aussie saw these levels was at the end of 2010. It then rode on thin holiday volume and set the float-era (since 1983) high of 1.0254. This line is getting close now. In case it falls, support is found at 1.0180, followed by 1.0080 and AUD/USD parity. For more technical levels and events, see the AUD USD Forecast. Why is AUD/USD rising now? Commodity prices continue rising – Australia exports a lot of commodities, including copper which doesn’t stop rising and gold which is aiming for new all-time highs. China continues growing: The HSBC Manufacturing PMI for China has risen to 52.5 points, meaning faster growth. As China is Australia’s primary trade partner, accelerated growth in this economic giant helps Australia as well. New Zealand is OK: There were fears that Australia’s neighbor will dip into recession following the earthquakes in Christchurch. At least in Q4, this didn’t happen. US Dollar is weak: Oil prices continue to remain high, with WTI at $106 a barrel, and this is a heavy weight on the greenback. This all comes as only second tier figures have been released in Australia this week. Next week will be much more busy with fresh updates on the Australian economy. Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam Forex News Today: Daily Trading News share Read Next AUD/USD Mar.25-Aussie Up against Broadly Lower US Dollar Tamar Schoppik 12 years The Australian dollar broke important resistance, reached a 10 week high and is eying the float-era high. Here is an update on AUD/USD and 4 reasons for this move. AUD/USD now trades at 1.0215, after making a convincing break above 1.0180. The 1.0180 line was the previous historic top, reached in November 2010, after QE2 was announced in the US. Since then, this line served as a very tough resistance line over and over again. The last time that the Aussie saw these levels was at the end of 2010. It then rode on thin holiday volume and set the… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.