For the 24 hours to 23:00 GMT, the AUD declined 0.06% against the USD and closed at 0.6918.
LME Copper prices declined 1.5% or $92.0/MT to $5864.5/MT. Aluminium prices declined 0.2% or $3.0/MT to $1770.0/MT.
In the Asian session, at GMT0300, the pair is trading at 0.6926, with the AUD trading 0.12% higher against the USD from yesterday’s close.
Overnight data revealed that Australia’s seasonally adjusted building approvals plunged 24.2% on an annual basis in April, surpassing market expectations for a drop of 22.4%. In the previous month, building approvals had recorded a revised fall of 25.4%.
The pair is expected to find support at 0.6909, and a fall through could take it to the next support level of 0.6893. The pair is expected to find its first resistance at 0.6937, and a rise through could take it to the next resistance level of 0.6949.
Moving ahead, investors would keep an eye on Australia’s private sector credit demand for April, scheduled to release overnight.
The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.
