AUDUSD Movement
On Friday, the AUD strengthened 0.56% against the USD to close at 0.9032.
LME Copper prices rose 0.3% or $18.5/MT to $7175.5/MT. Aluminium prices advanced 1.4% or $23.5/MT to $1710.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.9049, with the AUD trading 0.19% higher from Friday’s close, following upbeat rise in the Chinese new loans data for January.
Early morning, data from Australia, showed that new motor vehicle sales in the nation declined 3.5% (MoM) in January, compared to a revised 1.4% rise registered in December.
The pair is expected to find support at 0.9000, and a fall through could take it to the next support level of 0.8950. The pair is expected to find its first resistance at 0.9085, and a rise through could take it to the next resistance level of 0.9120.
Investors would turn their attention to the Reserve Bank of Australia (RBA)’s latest meeting’s minutes to be released tomorrow.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
