AUD/USD: Australia’s building approvals declined in July


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD rose 0.47% against the USD and closed at 0.7955.

LME Copper prices rose 1.2% or $83.0/MT to $6797.0/MT. Aluminium prices declined 0.2% or $4.5/MT to $2092.0/MT.

In the Asian session, at GMT0300, the pair is trading at 0.7990, with the AUD trading 0.44% higher against the USD from yesterday’s close.

Early morning data indicated that Australia’s seasonally adjusted building approvals dropped less-than-anticipated by 1.7% on a monthly basis in July, compared to market consensus for a fall of 5.0%. In the prior month, building approvals had registered a rise of 10.9%.

On the other hand, the nation’s seasonally adjusted construction work done sharply rebounded by 9.3% on a quarterly basis in 2Q 2017. In the prior quarter, construction work done had fallen by 0.7%.

The pair is expected to find support at 0.7943, and a fall through could take it to the next support level of 0.7895. The pair is expected to find its first resistance at 0.8017, and a rise through could take it to the next resistance level of 0.8043.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

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