FxWirePro: AUD/USD holds marginal gains, Aussie shrugs off exports slump as commodity rally keeps prices buoyed

AUD/USD chart - Trading View 

AUD/USD was trading 0.09% higher on the day at 0.7921 at around 04:40 GMT, after closing 0.61% higher in the previous session.

The Australian dollar shrugs off the exports slump and Moody's slashing Victoria's rating to Aa1. Rising commodity prices keep the pair supported.

AUD/USD is extending a winning streak for the 4th straight week. Technical studies show the major is poised for further upside.

On the weekly charts the pair trades above cloud and major moving averages. Momentum is bullish and volatility is high and rising.

On the monthly charts, price action has edged above 110 month EMA and is on verge of breakout above monthly cloud.

Data released by National Bureau of Statistics figures showed earlier on Tuesday, new home prices in 70 China's major cities, excluding state-subsidized housing, rose 0.28% last month from December. 

"The Chinese domestic economy is steadily improving, creating conditions for the normalization of monetary policy in 2021." note analysts at Bloomberg.

Overbought pressure may cause minor pullbacks in the pair. But uptrend remains intact as long as prices hold above 110 month EMA. Scope for gains till 200 month MA at 0.8254.