Wednesday, June 5, 2013

Australian dollar beaten up Pound rules

I did not intend to look at all the markets today. Just wanted to mention the biggest winners and losers in currency market. Australian dollar does not find support from anywhere. Data coming out is good for nothing and technical support levels do not help the currency either. A downtrend in the security has become an inevitable fact. There is a great chance that aud/usd will go through the bottom and fall to its' 2010 lows at 0.80 area.

British Pound on the other hand is very much strengthened by good fundamental numbers and is beating all of  its counterparts with strong blows. However, let us not forget the key data that is due to come tomorrow and it may change both the fundamental and technical picture not only for the pound, but most currencies and also European stocks.

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