Forex Pros – The Australian dollar climbed to a four-day high against its U.S. counterpart in steady trade on Monday, shrugging off concerns over military action in Libya and amid optimism over progress in resolving Japan’s nuclear crisis.
AUD/USD hit 1.0042 during late Asian trade, the pair’s highest since March 15; the pair subsequently consolidated at 1.0032, advancing 0.73%.
The pair was likely to find support at 0.9780, Friday’s low and resistance at 1.0105, the high of March 15.
Earlier in the day, the operator of the stricken Fukushima nuclear power plant, Tokyo Electric Power Co. said some reactors had been reconnected to the power grid, which could allow for the use of on-site water pumps soon.
Meanwhile, in Libya coalition forces launched military strikes over the weekend in an attempt to remove loyalist support for leader Moammar Gadhafi and protect Libyan civilians from government forces.
The Aussie was also higher against the yen, with AUD/JPY surging 1.28% to hit 81.27.
Later in the day, the U.S. was to publish official data on existing home sales.
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