AUD/USD: Australia’s building approvals surged at the fastest pace in 11 months in June


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD declined 0.5% against the USD and closed at 0.7962.

LME Copper prices declined 0.7% or $46.5/MT to $6300.5/MT. Aluminium prices declined 0.9% or $17.0/MT to $1887.0/MT.

In the Asian session, at GMT0300, the pair is trading at 0.7947, with the AUD trading 0.19% lower against the USD from yesterday’s close.

Earlier in the session, data indicated that Australia’s seasonally adjusted building approvals rebounded more-than-expected by 10.9% on a monthly basis in June, rising at the fastest pace since July 2016. Building approvals had registered a revised fall of 5.4% in the prior month, while markets expected for a gain of 1.0%.

The pair is expected to find support at 0.7912, and a fall through could take it to the next support level of 0.7876. The pair is expected to find its first resistance at 0.8013, and a rise through could take it to the next resistance level of 0.8078.

Looking forward, market participants will keep a close watch on Australia’s AiG performance of service index for July, due to release overnight, followed by the nation’s trade balance for June, slated in the early hours of tomorrow.

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

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