AUDUSD Movement
On Friday, the AUD weakened 0.96% against the USD to close at 0.7627.
LME Copper prices declined 0.09% or $5.5/MT to $5860.0/MT. Aluminium prices rose 0.11% or $2.0/MT to $1744.0/MT.
In the Asian session, at GMT0400, the pair is trading at 0.7644, with the AUD trading 0.23% higher from Friday’s close.
Early morning data showed that new motor vehicle sales in Australia advanced 2.9% on a monthly basis in February, following a drop of 1.9% registered in the preceding month.
The pair is expected to find support at 0.7602, and a fall through could take it to the next support level of 0.7560. The pair is expected to find its first resistance at 0.7694, and a rise through could take it to the next resistance level of 0.7744.
Going forward, investors would closely monitor the RBA minutes from its recent monetary policy meeting, scheduled in the early hours tomorrow.
The currency pair is trading below its 20 Hr and 50 Hr moving averages.
