The AUD/USD opened lower at $0.7769 this morning, down from Friday’s close in New York at $0.7792, following some disappointing China data released over the weekend, particularly the data that showed imports for January had fallen 19.9% against expectations of -3.2%. Some early caution was also seen as PM Tony Abbott faced a leadership challenge from his own party. This was quickly quelled when the so-called leadership spill motion was defeated. Aussie-dollar traded down to an early $0.7752 low but recovered as it ran into rumored demand from $0.7750. An early speech by RBA Governor Glenn Stevens contained no policy clues and the market showed little reaction. The recovery continued, taking aussie up to $0.7776 before it turned back again as Japanese accounts sold down on yen crosses including aussie-yen. This time it fell to $0.7748 a few minutes after the release of ANZ job ads data and then bounced again as fresh demand was appeared from around the $0.7740/30 region, market sources said. Aussie-dollar was last traded at $0.7767. Support is seen at $0.7752 which marks 50% fibo retracement of the $0.7626 to $0.7877 rise, below there, $0.7722 is the 61.8% fibo of the same move.
