AUD/USD: Australia’s construction sector growth slid in December


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD rose 0.08% against the USD and closed at 0.7870 on Friday.

LME Copper prices declined 1.5% or $105.5/MT to $7097.0/MT. Aluminium prices declined 1.1% or $24.5/MT to $2205.5/MT.

In the Asian session, at GMT0400, the pair is trading at 0.7849, with the AUD trading 0.27% lower against the USD from Friday’s close, after overnight data revealed that Australia’s AiG performance of construction index dropped to a level of 52.8 in December. In the prior month, the index had recorded a level of 57.5.

The pair is expected to find support at 0.7831, 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 0.7871, and a rise through could take it to the next resistance level of 0.7893.

Going ahead, traders would keep a close watch on Australia’s building approvals data for November, slated to release overnight.

The currency pair is trading below its 20 Hr moving average and showing convergence with its 50 Hr moving average.

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