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.:: 10.09.2013

The Australian dollar hits six week high

The Australian dollar against the US dollar has hit a six week high, benefiting from Chinese trade data. The August figures on retail sales and industrial production in China exceeded forecasts. Furthermore, business confidence in Australia rose to its highest level since May 2011.

Forex analysts estimate the Chinese data as sufficiently strong. The upward correction of the Australian dollar looks rather confident. In the course of the next few days the AUD/USD could reach 0.9400. The technical picture of this currency pair offers even higher potential for an upward movement, if there is a final formation of the “double bottom” figure on the daily chart.

According to forex.lv

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