Australian shares on Wednesday extended its gains continuously for a fourth session, with the help of commodity-exposed stocks on firm crude and metals prices and as the investors placed bets on improving prospects for a global economic recovery.

Yesterday, the International Monetary Fund raised its global economic growth forecast to 6% this year, a rate which is not seen since 1970s.

Elsewhere, strong economic data from China and the United States lifted oil prices by 1%, While copper prices climbed on supply concerns after top producer Chile closed its borders following a spike in coronavirus infections. strong commodities lifted the Aussie traders sentiment.

Reserve Bank of Australia (RBA) highlighted the recent strength in the housing markets at its monetary policy meeting on Tuesday. The country’s Treasurer Josh Frydenberg gave upbeat comments on the hot property market.

Frydenberg said that “he believes as price values go up, it gives people more faith in the economy and confidence to spend.”

RBA’s Governor Phillip Lowe said on Tuesday, “housing markets have strengthened further, with prices rising in most jurisdictions, while housing credit growth to owner-occupiers has picked up, with strong demand from first home buyers.

On the other hand, greenback fell suddenly with the Treasury yields on Tuesday after markets re-priced the Fed tightening bets that firmed up following Friday’s NFP blowout.

AUD/USD 4 Hour Chart:

Support: 0.7622 (S1), 0.7583 (S2), 0.7560 (S3).

Resistance: 0.7685 (R1), 0.7708 (R2), 0.7747 (R3).

The Housing prices confidence and the Australian shares extending its gain attracts investors towards Aussie and we expect a bullish trend for AUD/USD.