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30 Jul 2015
AUD/USD clings to 0.73 handle, shrugs off poor Aus building approvals
FXStreet (Mumbai) - The Australian dollar shed some gains and retraced from highs versus its American counterpart in the Asian morning, bringing AUD/USD back just ahead of 0.73 handle. The Aussie erased partial gains following the release of worse-than expectations Australia’s building approval data while import prices came in line with estimates.
AUD/USD drops from 0.7320
Currently, the AUD/USD pair trades 0.13% higher at 0.7306, holding onto 0.73 barrier despite poor data. The sudden bout of AUD buying paused on the release of Australian building consents data which disappointed markets by revealing a bigger than expected drop.
The trend estimate for total dwellings approved fell 1.2% in June and has fallen for four months. The seasonally adjusted estimate for total dwellings approved fell 8.2% in June following a rise of 2.3% in the previous month, Australian Bureau of Statistics reported today.
The Aussie however retained gains awaiting fresh insights from Reserve Bank of Australia Governor Stevens who is scheduled to speak at the Boao Forum for Asia Financial Cooperation Conference, in Sydney.
Trade the US GDP data with Bednarik, Pinkert and Carrillo - Live Coverage
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7363 (July 24 High) levels, above which gains could be extended to 0.7400 (Psychological levels). On the flip side, support is seen at 0.7288 (Today’s Low) levels from here it to 0.7254 (July 28 Low) levels.
AUD/USD drops from 0.7320
Currently, the AUD/USD pair trades 0.13% higher at 0.7306, holding onto 0.73 barrier despite poor data. The sudden bout of AUD buying paused on the release of Australian building consents data which disappointed markets by revealing a bigger than expected drop.
The trend estimate for total dwellings approved fell 1.2% in June and has fallen for four months. The seasonally adjusted estimate for total dwellings approved fell 8.2% in June following a rise of 2.3% in the previous month, Australian Bureau of Statistics reported today.
The Aussie however retained gains awaiting fresh insights from Reserve Bank of Australia Governor Stevens who is scheduled to speak at the Boao Forum for Asia Financial Cooperation Conference, in Sydney.
Trade the US GDP data with Bednarik, Pinkert and Carrillo - Live Coverage
AUD/USD Technical Levels
The pair has an immediate resistance at 0.7363 (July 24 High) levels, above which gains could be extended to 0.7400 (Psychological levels). On the flip side, support is seen at 0.7288 (Today’s Low) levels from here it to 0.7254 (July 28 Low) levels.