AUD/USD – Narrow Movement Ahead of Business Confidence
AUD/USD is proving narrow movement on Monday, as the pair trades at the 0.83 point. In Australia, jumping up from 0.2% a month earlier, ANZ Job announcements posted a decent increase of 0.7% in November. Early on Tuesday, we will have a glance at NAB Business Confidence, the major event of the week. In the US, today’s exclusive event is the Labor Market Conditions Index, a new financial indicator that the Federal Reserve introduced in October.
US employment records wrap the show on Friday, since Nonfarm Payrolls attempted up to 321 thousand in November, surprising the markets that had projected a rise of 231 thousand. There was also a increase in wages, which translate into stronger price increases numbers. The unemployment rate held stable at 5.8%, matching the prediction. The superb Nonfarm Payrolls should assist allay concerns concerning whether the economy can weather a rate rise in 2015.
Previous week, Australian released GDP for the third quarter. The analysis of 0.3% was short of prospects, as the estimate stood at 0.7%. This was the weakest analysis we have seen since Q1 of 2011, and could point to difficulty ahead for the Australian financial system. Retail Sales slipped to 0.4%, down from 1.4% a month earlier. This is the point to weaker customer spending, a major component of economic development.
AUD/USD for Monday, December 8, 2014
AUD/USD December 8 at 14:10 GMT -|- AUD/USD 0.8301 L: 0.8324 H: 0.8260
- AUD/USD framed lower in the Asian session but has improved in European trade. The pair is unaffected in the North American session.
- 0.8315 is an instant resistance line. 0.8456 is stronger.
- 0.8240 is an instant support level.
- Current range: 0.8240 to 0.8315.
Additional levels in both directions:
- Below: 0.8240, 0.8150, 0.8081 and 0.7904
- Above:0.8315, 0.8456, 0.8550, 0.8668 and 0.8763