The Australian Dollar put in another positive performance Tuesday even after official data revealed a steep fall in the nation's trade surplus for November, and is likely to remain on its front foot over the coming weeks according to analysts at Westpac.
The Australian Dollar was lifted Monday by a surprise injection of stimulus into the Chinese economy from authorities, and is likely to edge steadily higher throughout 2019 according to forecasts from Commonwealth Bank of Australia (CBA).
From a technical perspective the Pound is preferred over the Australian Dollar next week owing to an entrenched uptrend. However, political anxiety out of the UK could well ensure general GBP volatility.
The Pound-to-Australian Dollar exchange rate has completed a bullish reversal pattern which indicates the likelihood of more upside on the horizon, says Richard Perry, market analyst at Hantec Markets.
The Australian Dollar was a notable underperformer Thursday after solid labour market statistics proved unable to arrest a decline sparked by the ongoing concerns about the housing and global financial markets.
The Pound-to-Australian Dollar exchange rate is trading in the 1.76s at the time of writing, its fifth consecutive up day in a row, in the process of advancing, Sterling has now pierced clearly above a major trendline and this indicates it will probably follow through higher.