Disappointing data from Australia sent the aussie plummeting against several currencies, including the greenback and euro. Its building permits in September were only 7.7% compared to the previous 28.8% on a YoY basis. Meanwhile, building permits in August was -4.7% from the previous 10.2%, which was lower than the expected -0.2%. Then trade balance for August was -815.00M from the previous -1,375.00M.
From the 0.9400 zone, the AUD/USD pair quickly plummeted to below 0.9370, and is currently trading at 0.9373.
Initial resistance for the AUD/USD pair is at 0.9493, followed by 0.9516. Meanwhile, initial support is at 0.9343, followed by 0.9320.
The EUR/AUD, meanwhile, rose significantly today after the release of the Australian economic data. This may also be affected by the ECB interest rate decision coming later today.
From a low of 1.4370, the EUR/AUD pair shot up to around the 1.4435 zone, and is currently trading at 1.4426, with initial resistance seen at 1.4474, followed by 1.4510. Meanwhile, initial support is at 1.4277, followed by 1.4241.
The aussie, however, has managed to perform well against the kiwi, thus continuing the uptrend that began with yesterday's RBA interest rate decision. From around the 1.1350 zone, the AUD/NZD pair managed to break past 1.1400, and is currently trading at 1.1397. Initial resistance for the pair is at 1.1453, followed by 1.1482. Meanwhile, initial support is at 1.1283, followed by 1.1255.
Speaking of the kiwi, it fell against the greenback today due to the weak Australian data. From the 0.8250 zone, the NZD/USD pair fell to just below the 0.8210 zone. It has made a slight recovery over the past few hours and is currently trading at 0.8224. Initial resistance for the pair is at 0.8309, followed by 0.8330. Meanwhile, initial support is at 0.8211, followed by 0.8190.
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