Technical analysis and trading recommendations - https://fxpcm.com/en/fx/audusd-support-07675-level-12082016
Commodity currencies, including the Canadian and Australian dollars, were supported by rising oil prices. Oil and gas sector occupies an important place in the economy and in exports of Australia.
Qatar's Energy Minister Mohammed Bin Saleh Al-Sad on Monday said that OPEC may hold an informal meeting on 26-28 September at the International Energy Forum in Algiers. Note the Minister of Energy of Saudi Arabia Khalid al-Falih on the fact that Saudi Arabia intends to cooperate, contributed to the growth of oil prices on the eve of more than 4% to other oil producing countries in order to stabilize prices. Prices for WTI and Brent rose to a three-week high.
On the other hand the US dollar fell Wednesday against most major currencies as expectations of higher interest rates in the US fell in September after the release earlier on Tuesday of weak data on the US labor productivity in the second quarter.
This is the longest series of drop in performance in 1979, and the US economy can not bear higher interest rates.
Low interest rates reduce the investment attractiveness of the US dollar and a favorable effect on the cost of commodities and commodity currencies such as the Canadian, New Zealand and Australian dollars.
The Australian dollar is trading at the highest levels since the end of April, will also receive support from the stronger stock markets of Australia and stable prices for iron ore, one of the main export products of Australia.
Last week, the RBA issued a forecast that inflation will remain outside the target range of 2% -3% to December 2018.
Low inflation will be a major factor in the decision on interest rates in Australia.
Despite the fact that Australia's central bank lowered the rate to a new record low of 1.5% earlier this month, many economists expect a further rate cut, and it will be a limiting factor in the strengthening of the Australian dollar.
And on the back of expectations of interest rate increase by the Fed later this year, caution should be used for the opening of long positions in the pair AUD / USD