AUD/USD

February 04, 2019

AUD/USD: The Australian dollar declined to a near 1-week low after domestic data showed approvals to build new homes plunged 8.4 percent in December, confounding forecasts of a 1.8 percent gain that added more impetus to speculation about a cut in interest rates. The Aussie trades 0.2 percent down at 0.7234, having hit a high of 0.7295 on Thursday; it’s highest since December 5. Investors will continue to track overall market sentiment, ahead of U.S. economic releases. Immediate support is seen at 0.7197 (Dec. 12 Low), a break below targets 0.7115 (Jan. 22 Low). On the upside, resistance is located at  0.7300 (November 20 High), a break above could take it near 0.7327 (November 28 High).

AUD/USD daily chart

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