The Australian dollar (AUD) adds a pleasant day to its difficult trip by rising beyond 0.7700 against the US dollar (USD).
By broadening the investing ground, this price trend attracts financial investors to pursue it. The current pricing reflects the two major news releases scheduled for today at 17:30, both of which are expected to increase the index.
First, the US Census Bureau at the Department of Commerce released the building permit data today. FXStreet.com registered a reading of 1.681 M in May compared to 1.73 M, the month before data.
The building permits section displays the number of permits issued for new construction projects. It is a term used to describe the movement of corporate capital (US economic development). As a result, the USD is vulnerable to some ambiguity. The more permits given, the more positive (or bullish) the USD becomes, but the AUD/USD suffers.
While the AUD/USD has the maximum levels of support(as shown in the diagram below). It gives the investors an indicator that the AUD/USD is the less possible place to invest, as it has less potential to overcome itself against the harsh times.
Conclusion
Both technical and fundamental research less endorsed the buyer of the AUD/USD pair.
The last upside movement of the price indicated that the upcoming progress of the pair might remain bearish.