ForexGen Analysis of GBP / Australian Dollar

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ForexGen news centre could be your guide in making your calculations and forecasts for the coming period, and helps in analyzing fundamentals.

Last night's Australian employment data surprised the markets with 14,600 jobs being created (three times the consensus forecast) and the unemployment rate falling to just 4.1 percent when most analysts were expecting a 4.4 percent number. Were it not for this data, the Australian Dollar would almost certainly have weakened with the NZ Dollar overnight. However, other than the resilience of inward investment and an employment level which has bucked the global economic decline, there is little in the way of positive economic news coming out of Australia. Consequently, whilst this result averts any early weakness in the Aussie Dollar, there is a good chance we will see some weakness in the months ahead.

Right now though, the Sterling - Australian Dollar exchange rate is trapped below the A$ 2.20 level which has, as you can see from the technical chart, contained this pair since the beginning of February. Use this as your guide. Any break above here is a great AUD buying opportunity and whilst we remain capped at this level, expect more days of lower exchange rates in the weeks ahead.

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