AUDUSD Movement
For the 24 hours to 23:00 GMT, the AUD rose 0.54% against the USD and closed at 0.7573.
On the data front, Australia’s HIA new home sales eased by 9.7% on a monthly basis in July, declining to its lowest level in ten years, suggesting that the nation’s home building boom may be coming to an end. The HIA new home sales recorded a rise of 8.2% in the previous month.
LME Copper prices declined 0.38% or $17.5/MT to $4622.0/MT. Aluminium prices rose 0.22% or $3.5/MT to $1627.5/MT.
In the Asian session, at GMT0300, the pair is trading at 0.7564, with the AUD trading 0.12% lower against the USD from yesterday’s close.
Early morning data indicated that, Australia’s seasonally adjusted building approvals advanced by 11.3% on a monthly basis in July, jumping by the most in nearly three years and surpassing market expectations for an advance of 1.1%. In the previous month, building approvals had dropped by a revised 4.7%.
The pair is expected to find support at 0.7535, and a fall through could take it to the next support level of 0.7506. The pair is expected to find its first resistance at 0.7587, and a rise through could take it to the next resistance level of 0.7610.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
