Sterling vs Australian Dollar exchange rates touched above 2.20 today as predicted in my previous post.
Chinese imports showed a huge fall and as Australia’s largest trading partner this was what caused the fall in the value of the Aussie.
Although the Pound Australian Dollar exchange rate went up and past 2.20 it did not last for long which is why contracts such as Limit Orders can be extremely useful when getting close to resistance levels as they tend not to last for long.
Tomorrow Australia publishes the Westpac consumer confidence and I think this could be rather negative for the Australian Dollar and see opportunities to trade at 2.20 being reach during tomorrow’s trading session.
If you have a currency transfer to make and want to save money on exchange rates compered to using your own bank then contact me directly for a free quote. Tom Holian [email protected]