Forex - AUD/USD edges higher, but gains limited

The Australian dollar edged higher against its U.S. counterpart on Wednesday, but gains were limited as Tuesday's upbeat U.S. economic reports continued to support demand for the greenback. 

AUD/USD hit 0.9277 during late Asian trade, the session high; the pair subsequently consolidated at 0.9268, easing up 0.08%. 

The pair was likely to find support at 0.9148, the low of June 24 and a more than two-year low and resistance at 0.9557, the high of June 19. 

U.S. consumer confidence rose to highest level since January 2008 in the current month, data on Tuesday showed, while another report showed that U.S. new home sales rose to an almost five year high May.

A separate report showed that U.S. durable goods orders rose unexpectedly in May.

Fed Chairman Ben Bernanke said last week that the bank could begin tapering asset purchases by the end of this year if the economy continues to pick up.

Separately, fears over a credit squeeze in China eased after the country’s central bank indicated Tuesday that it was acting to support financial institutions with liquidity. 

The Aussie was higher against the euro with EUR/AUD slipping 0.21%, to hit 1.4094. 

Later in the day, the U.S. was to release revised data on first quarter economic growth.