The Australian dollar is under bearish pressure as it has declined slightly after building approval numbers were released. Could the AUDUSD pair continue to decline?
3 October, OctaFX – The numbers from the Australian Bureau of Statistics (ABS) showed that approvals declined by 9.4 percent on a month-on-month basis. This was the biggest decline this year and was mostly because of a 17.2% decline in private dwellings.
In recent months, Australia has had a challenging housing environment. Tumbling housing prices first affected Sydney and Melbourne and are now having a major impact on other Australian cities.
Australian Dollar Under Bearish Pressure
The AUDUSD pair fell slightly in the Asian session. It reached an intraday low of 0.7162. This was slightly higher than yesterday’s low of 0.7160. It has been declining since September 21.
The current price is slightly above the 23.6% Fibonacci Retracement level. Today, the pair could continue to decline. If it does, it will test the important 0.7140 level.
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