FxWirePro: Aussie holds gains above 0.6700 as business confidence slightly improves
The Australian dollar rose, extending previous session gains after data showed improvement in domestic business confidence. Australian business conditions showed activity stayed flat in January though confidence lifted s…
The Australian dollar rose, extending previous session gains after data showed improvement in domestic business confidence.
Australian business conditions showed activity stayed flat in January though confidence lifted slightly from its lowest since mid-2013. National Australia Bank’s index of business conditions was flat at +3 in January, while the survey’s volatile measure of business confidence added 1 point to -1.
The Reserve Bank of Australia kept rates unchanged last week at its first meeting of the year and signaled steady policy in the period ahead.
The Aussie was trading 0.3 percent up at 0.6708, having hit a low of 0.6662 on Friday, its lowest since March 2009.
Technical indicators are bullish on hourly charts: RSI strong at 69.97, Stochs are biased higher and MACD supports upside.
Immediate resistance is located at 0.6729, a break above could take it near 0.6755.
On the downside, support is seen at 0.6670, a break below could drag it till 0.6645.
