Australian new home sales plunged in July, declining for the third time in four months and pointing to a continued downtrend in the economically vital housing sector. The Housing Industry Association (HIA) reported that its monthly survey of large-volume builders said new home sales fell a seasonally adjusted 9.7% in July, more than offsetting an 8.2% spike in June.
Australia’s housing market has experienced renewed volatility this year, with sales tumbling from their previous peak. On the whole, housing activity remains robust, and should continue to fuel the all-important construction sector for the foreseeable future.
Aussie is currently being traded around 0.7550 area. Pair is likely to find support around 0.75 handle and resistance above 0.76 level.
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