Aussie falls on lower Westpac consumer sentiment

Australian consumers were noticeably less optimistic about the economy as China fears prompts the Westpac consumer confidence to drop a massive 3.5%.

The Westpac-Melbourne Institute Consumer Sentiment Index for Australia decreased a massive 3.5% in January, which comes after tumbling 0.8% to 100.8 index points in December of 2015, easing from 6-month highs in November.

Australia's labor market unexpectedly strengthened in November as job growth rose sharply for the second month in a row, pushing the unemployment rate to its lowest since May 2014. A further increase was notched in December and this should help consumer confidence and the wider economy generally.

For 2015 as a whole, GDP expanded 6.9% over the year, down slightly from the 7.3% growth rate marked in 2014 but still in line with the government's broadly defined growth target of 7%.

Pair is currently trading at $0.6868 levels, made intraday low at $0.6860 levels. Initial support is seen at 0.6825 and resistance at 0.7050 levels.