AUD/USD keeps defying gravity, highest since mid-October 2017

• Spectacular AUD run continues on rising commodities
• Australian trade balance next focus in Asia
• AUD/USD technicals remain bullish

AUD/USD keeps building onto recent gains, with its stellar run spanning 16 out of the last 17 days, resulting on an exchange rate of 0.7865 at the time of writing, highest it's been since mid-October. 

Commodity-linked AUD underpinned by rising Oil & Gold 

As Valeria Bednarik, Chief Analyst at FXStreet, notes: "The AUD/USD pair trades at its highest since October 13th, as commodity-linked currencies benefited from a recovery in gold prices and an oil rally to multi-year highs. The pair got additional support from the Caixin Services PMI for December jumped to 53.9 from the previous 51.9, the fastest rate of activity growth in a year." 

Heading into the Asian trading session, Australia will release its November trade balance, with projections for a surplus of 915M. 

AUD/USD technical stubbornly bullish

Valeria expands: "The pair is now poised to test its October high of 0.7896, with a break above the level opening doors for a steeper recovery next week. Technically, it is biased higher, as in the 4 hours chart, a bullish 20 SMA provided constant support ever since the week started, while the Momentum indicator bounced from its 100 level, still, however, below its previous lows, as the RSI indicator consolidates around 67."