COZfx: Australia's new motor vehicle sales eased 0.4% in July

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COZforex: On Friday, the AUD traded marginally higher against the USD to close at 0.9319. In the Asian session, the pair is trading at 0.9319, with the AUD trading flat from Friday’s close.

In commodities, LME Copper prices dropped 0.5% or $ 34.0/MT to $ 6852.5/MT. Meanwhile, Aluminium prices dropped 1.2% or $ 25.0/MT to $ 1980.0/MT.

Data released this morning, indicated that the seasonally adjusted new motor vehicle sales in Australia, eased 0.4% on an annual basis, in July. It had recorded a decline of 2.0% in the previous month. Meanwhile, in China, Australia’s biggest trading partner, the MNI business sentiment index advanced to 59.0 in August, compared to a reading of 58.2, a month ago. On the other hand, the foreign direct investment in China in the January-July period dropped 0.35% on year to $71.14 billion.

In technical analysis, coz forex senior derivatives trader Daniel • Moloney said, AUD/USD is predicted to find support at 0.9299, and a decline through could take it to the next support line of 0.928. Meanwhile, the pair is predicted to find its first resistance at 0.9337, and a rise through could take it to the next resistance line of 0.9356.

During lack of economic releases from Australia today, investors would keenly await tomorrow’s minutes of the latest RBA policy meeting.

(COZ forex UK)