AUD/USD: Australia’s building approvals jumped in November


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD declined 0.1% against the USD and closed at 0.7841.

LME Copper prices declined 0.2% or $12.5/MT to $7084.5/MT. Aluminium prices declined 1.3% or $28.0/MT to $2177.5/MT.

In the Asian session, at GMT0400, the pair is trading at 0.7862, with the AUD trading 0.27% higher against the USD from yesterday’s close, following better-than-expected housing sector data in Australia.

Data released overnight showed that Australia’s seasonally adjusted building approvals unexpectedly rebounded 11.7% on a monthly basis in November, confounding market expectations for a drop of 1.3%, driven by a spike in apartment and townhouse building. In the previous month, building approvals had registered a revised fall of 0.1%.

The pair is expected to find support at 0.7838, and a fall through could take it to the next support level of 0.7813. The pair is expected to find its first resistance at 0.7876, and a rise through could take it to the next resistance level of 0.7889.

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

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