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FXstreet.com (San Francisco) - The Australian dollar extended to a fresh 4-month high of USD1.0506 overnight before closing the NY session at 1.0500 vs. 1.0480 late Friday.

Later in the Asia-Pacific session (at 01:30 GMT), Australian building approvals will be risk event for AUD, expected to have fallen 14.2% in June from the previous month's 27.3% permit increase.

"Building approvals in Australia expected strongly down at -14.6% from 27.3% up the previous month, may trigger some downside corrective movement, that will find strong support, and buying interest, around 1.0440 if reached," comments Valeria Bednarik, Chief Analyst at FXstreet.com. "Gains above 1.0510 on contrary will likely favor an upward continuation towards 1.0550, next resistance for the pair, ahead of key 1.0600 price zone."

At time of writing, AUD/USD is quoted in the 1.0500 price zone, with support levels noted at 1.0480, 1.0440 and 1.0400, while resistance levels lie at 1.0510, 1.0550 and 1.0600.

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