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Australia’s Building Approvals Jumped In November

By GCI FinancialForexJan 09, 2018 03:40AM ET
www.investing.com/analysis/australias-building-approvals-jumped-in-november-200278623
Australia’s Building Approvals Jumped In November
By GCI Financial   |  Jan 09, 2018 03:40AM ET
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AUDUSD Movement
AUDUSD Movement

For the 24 hours to 23:00 GMT, the AUD declined 0.1% against the USD and closed at 0.7841.

LME Copper prices declined 0.2% or $12.5/MT to $7084.5/MT. Aluminium prices declined 1.3% or $28.0/MT to $2177.5/MT.

In the Asian session, at GMT0400, the pair is trading at 0.7862, with the AUD trading 0.27% higher against the USD from yesterday’s close, following better-than-expected housing sector data in Australia.

Data released overnight showed that Australia’s seasonally adjusted building approvals unexpectedly rebounded 11.7% on a monthly basis in November, confounding market expectations for a drop of 1.3%, driven by a spike in apartment and townhouse building. In the previous month, building approvals had registered a revised fall of 0.1%.

The pair is expected to find support at 0.7838, 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 0.7876, and a rise through could take it to the next resistance level of 0.7889.

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

Australia’s Building Approvals Jumped In November
 

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Australia’s Building Approvals Jumped In November

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