Australia’s Building Approvals Slumped In June


AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD weakened 0.56% against the USD to close at 0.7299.

LME Copper prices rose 1.19% or $62.5/MT to $5302.0/MT. Aluminium prices rose 0.62% or $10.0/MT to $1619.0/MT.

In the Asian session, at GMT0300, the pair is trading at 0.7313, with the AUD trading 0.19% higher from yesterday’s close.

Early morning data showed that building approvals in Australia retreated 8.2% on a monthly basis, marking its largest monthly fall since September 2014 in June and higher than market expected drop of 1.0%. It followed a revised increase of 2.3% in the preceding month.

The pair is expected to find support at 0.7281, and a fall through could take it to the next support level of 0.7249. The pair is expected to find its first resistance at 0.7346, and a rise through could take it to the next resistance level of 0.7379.

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

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