HomeContributorsFundamental AnalysisAustralia's Business Confidence Hit A 9-Month High Level In January

Australia’s Business Confidence Hit A 9-Month High Level In January

For the 24 hours to 23:00 GMT, the AUD rose 0.43% against the USD and closed at 0.7862.

LME Copper prices rose 0.5% or $31.5/MT to $6786.5/MT. Aluminium prices declined 0.6% or $12.5/MT to $2129.5/MT.

In the Asian session, at GMT0400, the pair is trading at 0.7873, with the AUD trading 0.14% higher against the USD from yesterday’s close, following upbeat Australian economic data.

Data showed that Australia’s NAB business confidence index advanced to a level of 12.0 in January, notching its highest level since April 2017, suggesting that firms are getting increasingly optimistic over their growth prospects in the wake of improving global economic conditions. In the previous month, the index had registered a revised reading of 10.0. Moreover, the nation’s NAB business conditions index jumped to a level of 19.0 in January, pointing to strong business activity in the country and following a reading of 13.0 in the previous month.

The pair is expected to find support at 0.7831, and a fall through could take it to the next support level of 0.7788. The pair is expected to find its first resistance at 0.7895, and a rise through could take it to the next resistance level of 0.7916.

Going ahead, traders would keep a close watch on Australia’s Westpac consumer confidence index for February, set to release overnight.

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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