HomeContributorsFundamental AnalysisAUD/USD: Australia's NAB Business Confidence Edged Up In December

AUD/USD: Australia’s NAB Business Confidence Edged Up In December

For the 24 hours to 23:00 GMT, the AUD rose 0.09% against the USD and closed at 0.7558.

LME Copper prices rose 0.2% or $10.0/MT to $5857.0/MT. Aluminium prices declined 1.1% or $20.5/MT to $1807.0/MT.

In the Asian session, at GMT0400, the pair is trading at 0.7564, with the AUD trading 0.08% higher against the USD from yesterday’s close.

Overnight data revealed that Australia’s NAB business confidence index advanced to a level of 6.00 in December, compared to a level of 5.0 in the previous month. Moreover, the nation’s NAB business conditions index climbed to a level of 11.0 in December, following a revised reading of 6.0 in the prior month.

The pair is expected to find support at 0.7534, and a fall through could take it to the next support level of 0.7505. The pair is expected to find its first resistance at 0.7582, and a rise through could take it to the next resistance level of 0.7601.

Looking ahead, traders would eye Australia’s AiG performance of manufacturing index for January, scheduled to release later tonight.

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

GCI Financial
GCI Financialhttp://www.gcitrading.com/
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.

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