Investing.com - The Australian dollar rose against its U.S. counterpart on Tuesday, approaching one-month highs as investors locked in profits from the greenback's recent rally ahead of the Thanksgiving holiday on Thursday.
AUD/USD hit 0.7211 during late Asian trade, the session high; the pair subsequently consolidated at 0.7210, rising 0.25%.
The pair was likely to find support at 0.7098, the low of November 19 and resistance at 0.7250, the high of November 20 and a one-month high.
The greenback has remained broadly supported in recent weeks by expectations that the Federal Reserve is on track to raise interest rates next month.
New York Fed President William Dudley said Friday that there is a "strong case" for hiking rates at the central bank’s next meeting in December as long as economic data continues to remain solid.
Markets shrugged off a report by the U.S. National Association of Realtors on Monday showing that existing home sales decreased by 3.4% to 5.36 million units last month from 5.55 million in September. Analysts had expected existing home sales to fall 2.3% to 5.40 million units in October.
The Aussie was higher against the euro, with EUR/AUD slipping 0.17% to 1.4762.