Forex Pros - The Australian dollar rebounded from a five-week low against its U.S. counterpart on Tuesday, as a rally in commodities and stocks bolstered demand for higher yielding assets.
AUD/USD hit 1.0562 during late Asian trade, the daily high; the pair subsequently consolidated at 1.0550, gaining 0.42%.
The pair was likely to find short-term support at 1.0477, Monday's low and a five-week low and resistance at 1.0654, Monday's high.
Copper and crude oil prices climbed in early trade, supporting the Australian dollar. Commodities account for the majority of Australia's export revenue.
The currency was also boosted after the head of the government's debt management office said the Australian dollar was gaining stature as a global reserve currency.
The Aussie was also higher against the yen, with AUD/JPY rising 0.11% to hit 86.23.
On Monday, St. Louis Federal Reserve President James Bullard said the Fed would hold interest rates at record low levels after the second round of quantitative easing ended in June to provide more time to evaluate the strength of the U.S. economy.