Sterling Australian Dollar has been testing 1.70 for the last trading sessions, and even after this mornings positive Retail Sales data (up 0.5% to 1.1%) we see Sterling still in the 1.69s.
I believe that 1.70 is a ‘level of resistance’ short term for GBP-AUD, and should you have a trasfer to conduct within the next month or so 1.70 is a good target level. As the Reserve Bank of Australia recently cut its interest rate to 2.5% and indicated no further cuts, I believe the Australian Government will look to stabilise the currency to prevent excessive further falls in the value of the Dollar.
Should you have a requirement to buy Australian Dollars, please feel free to drop me a line to discuss your various different purchase options. Should you have a specific level to buy at, you can use a LIMIT ORDER to automatically purchase the currency, even if the market only hits your target for a second!
You also have a STOP LOSS should you wish to set an absolute minimum level to purchase your currency at as a safety net.
Should you have a transaction to do and wish to have a quick chat, please find my contact details below…
01494 787 478