The Australian Dollar has been on a roller coaster ride of late most notable against the UK pound. The pound has spiked back up to 1.7250 against the AUD this week. The main reason for the pounds gains have been the decreasing number of people unemployed in the UK. With Unemployment now down at 7.6% and many analysts believing that interest rates will rise in the Uk once the rate goes below 7% an interest rate hike in the UK could come by the end of 2014 early 2015.
The next resistance level for GBP/AUD being 1.73 with a push to 1.74. We could see this level breached over the next week or so when the RBA release their minutes from their last interest rate decision on Monday evening UK and Tuesday down under.
The RBA have recently been vocal how their exchange rate has been hurting their exports and would like to see the AUD weaken further. So it will be interesting to see if any comments from the minutes go someway to weaken the rates further.
The Bank of England release their minutes from the last interest rate decision next Wednesday too so those looking at buying Aussie Dollars could see further gains early next week. With rates hovering around a 3 year high trading in the near future represents good buying opportunities and levels above 1.70 should be achievable. If we reach 1.7350/1.74 I think we will meet resistance and this should be taken advantage of.
For those that need to sell the AUD I would recommend acting on any spikes in your favour as we cant see any significant gains in your favour.
If you are looking at buying or selling the AUD against any of the major currencies I will be happy to discuss your requirement and explain all of the options that are available to you to help you time your exchange. I am a currency specialist who assist thousands of clients here in the UK and Australia. All that i do is currency exchange and offer a very personal service and significantly better rates of exchange than the banks to give you the information needed to help you judge when to carry out your conversion. If you would like to compare our rates and discuss your exchange you can contact myself Ben Amrany at [email protected]. You may also call me directly on the trading floor. Just ask for myself Ben Amrany and we can discuss your requirement in more detail.
If you are looking for rates that are not quite available at present then why not place a rate alert with me so when your target rate is available we can inform you and you will not miss any spikes in the market.
Thank you for reading and i look forward to hearing from you.