Investing.com - The Australian dollar edged higher against its U.S. counterpart on Wednesday, but gains were expected to remain limited as data showed that Australian construction work declined far more than expected in the last quarter.
AUD/USD hit 0.9327 during late Asian trade, the session high; the pair subsequently consolidated at 0.9327, rising 0.23%.
The pair was likely to find support at 0.9292, the low of August 24 and resistance at 0.9344, the high of August 19.
Official data earlier showed that construction work done in Australia fell by 1.2% in the second quarter, after a 0.4% fall in the first quarter whose figure was revised from a previously estimated 0.3% rise.
Analysts had expected construction work done to decline by 0.3% in the last quarter.
Meanwhile, the dollar remained supported after the Conference Board on Tuesday said its index of consumer confidence rose to 92.4 this month, the highest since October 2007, from a reading of 90.3 in July.
The data fuelled further optimism over the strength of the U.S. economic recovery.
The Aussie was also higher against the euro, with EUR/AUD slipping 0.17% to 1.4125.