AUDUSD Movement
On Friday, the AUD strengthened 0.34% against the USD to close at 0.7766, extending its previous session gains.
LME Copper prices rose 0.63% or $36.0/MT to $5731.0/MT. Aluminium prices rose 0.74% or $13.5/MT to $1831.5/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7787, with the AUD trading 0.27% higher from Friday’s close.
Early morning data indicated that new motor vehicle sales in Australia retreated 1.5% MoM in January, compared to a rise of 3.0% recorded in December.
Over the weekend, in China, Australia’s biggest trading partner, new Yuan loans surged to a reading of CNY1470.0 billion in January, following a level of CNY697.30 billion in December. Market expectations were for it to climb to CNY 1350.00 billion.
The pair is expected to find support at 0.7743, and a fall through could take it to the next support level of 0.7700. The pair is expected to find its first resistance at 0.7813, and a rise through could take it to the next resistance level of 0.7839.
Going forward, market participants await the release of the RBA minutes from its recent monetary policy meeting, scheduled in the early hours tomorrow.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
