The AUD/USD gapped higher as news hit the wires that "Spain will be receiving a 'line of credit' to help its struggling banking sector weather the ongoing economic turmoil," says OzForex in its daily commentary. The pair is at 0.9989 after testing parity early in New Zealand. OzForex says "some may argue a Spanish rescue is not enough to see these levels sustained." It notes that with a public holiday in Australia, "trading volumes may remain a little thin and thus we may be in for some choppy trade as markets process exactly what effect the weekend events may have." If the pair succeeds in holding above parity, it will face further resistance around 1.0050 while support is around 0.9930, OzForex says.
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