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Stronger week for the AUDUSD pair.

Written by Sam Coxhead on October 19th, 2012.      0 comments

5:06 PM (NZT) The Australian dollar has made strong gains against the US dollar this week. There has been little of Australian impetus to drive the move, as the Australian focus for the week were the unsurprising RBA monetary policy meeting minutes on Friday. The drive behind the move has been solid Chinese economic data, increased EURO demand, and strong strong stock market as the global sentiment increases after the recent central bank policy moves and the positive structural noises being made in Europe. Interestingly the 1.0420 level should present some reasonable resistance for the pair after what has been a solid move. Also contributing to the AUD's performance will be demand stemming from the exiting of "sold AUD" positions from investors as the week's unrelenting move has unfolded. For those looking to buy US dollars, the current levels offer some good value buying, given the sharp nature of this weeks appreciation. 

The current interbank midrate is:                                                AUDUSD   1.0362
                                                           
The interbank range so far this week to date has been:             AUDUSD   1.0198 - 1.0413
 

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