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Aussie dollar holding above .73 cents

Announcement posted by Profile Booster 28 Jun 2016

28 June 2016: SYDNEY -- The Aussie dollar is currently trading at 0.7350 level and seems content to hold around this area for the time being.

“We saw the Aussie took a considerable hit during the UK referendum, but it has managed to continue trading above the 200 day moving average,” said Adam Taylor, currency analyst at GO Markets.

According to Taylor, “This suggests that the Aussie is benefiting from the attractiveness of higher yields compared to other global markets.”

He added that the Aussie is relatively stable, but is certainly exposed to potential selling pressure from both the strengthening of the US dollar and global uncertainty

Taylor said given this condition, “Traders may be inclined to sit on the fence (regarding the Aussie dollar) until the upcoming Australian Federal election.”

We are seeing many traders selling the Aussie dollar capitalising on short-term weakness, we expecting this trend to continue at least until the beginning of next week,” Taylor said.


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For more information, visit:

https://www.gomarkets.com.au/


GO Markets was founded in 2006 in Melbourne, Australia and is one of Australia’s premier MT4 Forex Brokers, offering Forex and CFD trading as well as Binary Options trading, via MT4, to individuals and institutional clients.