The Australian Dollar has rebounded this morning as profits were taken by traders following the SPIKE up yesterday. A Spike is when the market moves quickly to price in new information in to the price and can give the best opportunities for buyers. Here we offer a SPIKE NOTIFICATION service for people who have an interest – to register for this please email me directly with your contact details and summary of position, my email address is [email protected]. The reason for the SPIKE this week was commentary by the Reserve bank of Australia’s Philip Lowe who states that the currency was ‘too high’ and that it should ‘depreciate further’ this caused a SPIKE in the market giving AUD buyers a 4 cent higher level in the space of only 2 days!
Today as as I say the profit has been taken so levels are starting to flatten out. There is still an excellent buying opportunity for anyone needing to buy AUD. The price of iron ore have also fallen to the lowest seen since 2009 which is adding further pressure on the AUD considering their substantial iron ore exports. There was a thought that the next high would be 1.90 but I disagree, anything over 1.85 is a good level at the moment.
For a full break-down including the potential strategies you have available to you please get in contact, email myself, Steve Eakins, if you would like a personal response via [email protected]