AUD/USD has advanced in Asian trade Monday, as a risk short-covering rally across Asia has seen the rate outperform its peers. AUD opened the session around $0.9770 and has rallied to $0.9863 after weekend opinion polls in Greece showed pro-bailout party New Democracy gained maximum votes. AUD has seen a fair wave of short covering taking out stops behind $0.9850/60 as the risk-on rally has gathered momentum. Some other larger offers were taken out on the way up around $0.9840 with the pair finding support from real money accounts and some corporate demand also seen supporting the dips in the market.
EasyForexNews Research Team