Australian Dollar Forex – 6 month HIGH

Australian Dollar Gains a Cent on EUR and USD in a Week

The Australian Dollar has gained by over 3% against the Pound over the last month. This can be put down to a number of reasons the largest of which has been the trade agreement between Australia and Japan, however there has been a lot of good data coming out of Australia which has certainly helped.  Saying that however the Pound has also released impressive data that has slowed down the gains seen for the Australian Dollar.  The data positive data from the Australian Government has included spending figures and unemployment which has fallen by a health amount. This has all helped to give AUD sellers a 6 month high!

I personally think that this trend could continue, there is still more data due from Australia next week which is expected to remain positive. This all points towards sellers being the only traders with a smile on their face, buyers however have probably now missed the multi-year high we reached earlier in the year. At the point we did suggest it would be worth taking advantage of.

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Have a good weekend!