AUD/USD Update – 18/08/2017 (11:20am) – by Arjun Lakhanpal

AUD/USD Update – 18/08/2017 (11:20am): AUD staged a solid comeback so far this Friday and jumped beyond 0.79 handle, having reversed a temporary slide witnessed a day before. The recovery in AUD/USD gained extra legs, after a risk-off induced rally in the safe-haven gold bolstered the sentiment around the resource-linked AUD, while higher copper and oil prices also added to the Aussie gains. Comex gold jumps +0.70% to $ 1303.09, the highest levels since June 2017. Support seen at 0.7855/60 but a clear break below this level is not expected for now (next support is at 0.7830). Resistance is at 0.7905 followed by 0.7935. The high of 0.7962 is not expected to come into the picture.