AUD/USD: Australia’s building approvals rebounded in September


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD declined 0.49% against the USD and closed at 0.7059.

LME Copper prices rose 1.6% or $101.0/MT to $6260.0/MT. Aluminium prices rose 0.9% or $19.5/MT to $1980.5/MT.

In the Asian session, at GMT0400, the pair is trading at 0.7087, with the AUD trading 0.4% higher against the USD from yesterday’s close.

Overnight data showed that Australia’s seasonally adjusted building approvals rebounded 3.3% on a monthly basis in September, compared to a revised fall of 8.1% in the prior month. Market participants had expected building approvals to advance by 3.8%.

The pair is expected to find support at 0.7056, and a fall through could take it to the next support level of 0.7024. The pair is expected to find its first resistance at 0.7114, and a rise through could take it to the next resistance level of 0.7140.

With no macroeconomic releases in Australia today, investors would look forward to global macroeconomic events for further directions.

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

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