Fundamental Analysis

Australia's Westpac Consumer Confidence Dipped In November

Typography

For the 24 hours to 23:00 GMT, the AUD rose 0.13% against the USD and closed at 0.7628.

LME Copper prices rose 0.8% or $54.5/MT to $6822.5/MT. Aluminium prices declined 0.7% or $15.0/MT to $2085.0/MT.

In the Asian session, at GMT0400, the pair is trading at 0.7586, with the AUD trading 0.55% lower against the USD from yesterday's close.

Overnight data indicated that Australia's Westpac consumer confidence index eased 1.7% in November, compared to a gain of 3.6% in the previous month.

The pair is expected to find support at 0.7558, and a fall through could take it to the next support level of 0.7530. The pair is expected to find its first resistance at 0.7632, and a rise through could take it to the next resistance level of 0.7678.

Looking forward, market participants would closely monitor Australia's jobs report for October, slated to release overnight, to gauge the strength in Australian labour market.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

Author: GCI FinancialWebsite: http://www.gcitrading.com/
GCI Financial
DISCLAIMER : GCI's Daily Market Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be used as investment advice. GCI assumes no responsibility or liability from gains or losses incurred by the information herein contained.
More from the author