AUD/USD: Australia’s construction work done surprisingly advanced in 3Q 2018


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD rose 0.12% against the USD and closed at 0.7228.

LME Copper prices declined 1.2% or $76.5/MT to $6169.5/MT. Aluminium prices rose 0.3% or $5.0/MT to $1925.0/MT.

In the Asian session, at GMT0400, the pair is trading at 0.7235, with the AUD trading 0.10% higher against the USD from yesterday’s close.

Overnight data showed that Australia’s seasonally adjusted construction work done unexpectedly fell 2.8% in 3Q 3018, defying market anticipation for a rise of 1.0%. In the previous quarter, construction work done had recorded a revised advance of 1.8%.

The pair is expected to find support at 0.7200, and a fall through could take it to the next support level of 0.7164. The pair is expected to find its first resistance at 0.7270, and a rise through could take it to the next resistance level of 0.7304.

Amid lack of economic releases in Australia today, traders would focus on global macroeconomic events for further direction.

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

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