Australian dollar shows a Buy Signal
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The Australian dollar, also known as the "Aussie," rallied today (2/03) as the euro and British pound declined.
The Aussie's move higher suggests a buy signal on the daily chart. The Australian dollar also gave me a buy signal on the weekly chart last week. In my opinion the formation on this market's chart suggests there may be several more days of follow through.
The number of Australian building permits approved to build or renovate houses and apartments increased 8.7% in December from November and the Australian trade surplus surpassed economist predictions coming in at A$1.98 billion in December. These positive economic numbers may be adding support to the Aussie.
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