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AUD/USD stable with bullish bias

FXStreet (Guatemala) - August Consumer Confidence read 98.5 vs 94.9 previous and the AUD/USD is stable.

Next we will see we see Australia’s Q2 wage cost index. Sean Callow, analyst at Westpac Banking Corporation ABN, explained this is usually ignored by markets but will be watched by the RBA for another reading on the amount of slack in the job market. “Judging by the 2.6% y/y growth in wages in Q1, the slowest pace in the history of the series which began in the late 1990s, there is plenty of surplus labour. This is one of the keys to the RBA’s confidence that inflation will remain under control even if AUD falls as expected”. We will also be watchful over the Chinese data releases there after which may have an impact on the aussie, although second tier releases.

AUD/USD Support and Resistance

Support levels: 0.9260 0.9220 0.9180

Resistance levels: 0.9290 0.9330 0.9370

Australia Westpac Consumer Confidence Index increased to 98.5 in August from previous 94.9

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