Investing.com - The Australian dollar rose to four-month highs against its U.S. counterpart on Wednesday, following upbeat comments by Reserve Bank of Australia Governor Glenn Stevens
AUD/USD hit 0.9154 during late Asian trade, the pair's highest since November 26; the pair subsequently consolidated at 0.9199, rising 0.38%.
The pair was likely to find support at 0.9120, Tuesday's low and resistance at 0.9250, the high of November 22.
The Aussie found support after RBA Governor Stevens said the nation’s economy may strengthen later this year. Stevens added that this was helped by "the lower exchange rate since last April and the improved economic conditions overseas."
Earlier in the day, in its semi-annual financial stability review, the RBA warned property investors that the upswing in property prices fueled by record-low interest rates will not last forever and that it also has the potential to encourage speculative activity.
Meanwhile, sentiment on the greenback remained vulnerable after data on Tuesday showed that U.S. consumer confidence improved more than expected in March, while a separate report showed that new home sales fell by the most in five months in February, indicating continued weakness in the housing sector.
The Aussie was higher against the euro, with EUR/AUD retreating 0.52% to 1.5007.
Later in the day, the U.S. was to release data on durable goods orders.