The Australian currency opened higher on Wednesday, amid strong commodity prices and a weaker US dollar as traders await a round of profit-taking during the domestic session.

At 7am AEST today, the local unit was trading at $US0.9126/29, an increase of 0.61 per cent from Tuesday's local finish of $US0.9070/74.

Since 5pm AEST yesterday, the domestic currency ranged from $US0.9080 to $US0.9145.

Canadian Forex corporate dealer Darren Richardson said the Aussie ascended as oil prices climbed more than 1.5 per cent and some US stocks performed well.

"That's seen market confidence increase with the Aussie dollar and the Canadian dollar being some of the biggest winners against the US dollar during the North American session," Mr Richardson said.

"It's definitely been a good performance in commodities."

Worsening data on American consumer spending on Tuesday pushed the US dollar to its weakest level in months against the euro, pound, yen and Swiss franc.

Wall Street stocks plunged yesterday after figures showed a dip in US consumer spending and a fall in factory orders and pending home sales.

According to Mr Richardson, the Australian currency was now looking "a little bit overheated" as it approaches the US$0.9150 mark.

"The Aussie dollar is looking a little bit overbought at the moment, so it will be tough for it to go higher during the Aussie session."

He predicts the local currency would trade between US$0.9100 and US$0.9150 on Wednesday.

"Over the last two months, the Aussie has appreciated over 12 per cent against the US dollar so I think we'll see some traders taking a little bit of profit... and that's going to put a lid on the Aussie dollar in the short term."