I had been predicting for quite some time in my emails that the Pound would breach 2 against the Australian Dollar it has now done so with a vengeance. Rates are currently at multi year highs and this is a great time to be sending money over to Australia.
With the U.K economy doing well, Governor of the RBA Glenn Stevens seemingly happy to see a weaker AUD and The major issues surrounding China it did always look like this spike would be coming.
We currently are sat at a level of resistance below 2.15 so the key now will be whether or not the rate can push through that in the next week or so. Personally I feel if it does not manage to push through the 2.15 in the coming days it may easily start to drop back below the 2.10 marker as we see a run of profit trading and traders selling off positions after such a good run.
There isn’t a huge amount left to come out this week in terms of economic data but next week will see the interest rate decisions for both Australia and the U.K so it will be key to make sure you have a proactive and efficient currency broker on your side if you have an upcoming currency exchange to carry out involving the Australian Dollar. I will be more than happy mto help you if you are in this position both in terms of getting you an exceptional rate of exchange but also explaining the various options you have available. These include a forward contract, stop loss and limit order.
Feel free to email me (Daniel Wright) on [email protected] with a brief description of your requirements and I will be more than happy to assist you personally.