GBP/AUD Making itself comfortable above 2.00 (Daniel Johnson)

AUDGBP Bounces as Australia Deals with Floods

The RBA has long been committed to devaluing the AUD, for fear then Chinese buying their raw materials elsewhere. The AUD had become overvalued during the global crisis and with a slowdown in China’s demand. The RBA has had to look at ways to make themselves the supplier of choice.  Often using jawboning and the threat of an interest rate cut to weaken the currency. Moving forward I do feel the AUD is likely to find support around the current levels, as it often has done in the past. I would be tempted to take advantage of trades while they are above the 2.00 level, These are some of the best trading levels we’ve seen in the past 6 years.

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