China’s GDP was very strong. The currency that benefits the most is the Aussie, which settled above an important line. Update on this strong currency. Growth in China was very strong – an annual rate of 11.9% in the first quarter of 2010. This is better than Q4’s growth of 10.7%, and also better than early expectations. This figure isn’t alone: Update: 10:00 GMT – it seems that the fresh worries about Greece are endangering the Aussie’s achievements. China’s industry, which buys materials from Australia, showed an annual growth rate of 18%, very strong as well. Additional figures also came out of China, showing that this giant is pushing forward. When Australia’s main trade partner is growing, the Australian economy can be safe and sound. It’s important to note that a second-tier Australian figure, inflation expectations from th Melbourne Institute, also supported the Aussie. It climbed to 4.1%, after many months around 3.2%. This is the highest outcome since September 2008 – since the big outbreak of the crisis. Higher inflation expectations mean a bigger chance for a rate hike. There are doubts about the next meeting of the RBA, after the fifth rate hike. Indeed, the Aussie can feel better now. AUD/USD struggled with the 0.9327 resistance line many times in recent months, and approached it near the end of last week once again. The bailout plan for Greece sent it with a weekend gap over the line, near 0.94, but it quickly fell down, going as low as 0.9223. A new attempt began before the releases from China, and it seems to work now. AUD/USD went as high as 0.9364, and trades above 0.9327. The current range is between 0.9327 and 0.9405, the 2009 high. Even higher, 0.95 was a support line back in 2008. It’s followed by 0.9650 which served as a resistance line back then. The all-time high of 0.9849, reached in July 2008 is next line, and AUD/USD parity is too far now. If fresh fears on the Greek bailout plan arrive to the markets, like the court challenge prepared by German professors, the Aussie could give drop, not so fast though, and receive support at 0.9260. I continue the being bullish on the Aussie. Want to see what other traders are doing in real accounts? Check out Currensee. It’s free. Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam Expert score 5 Etoro - Best For Beginner & Experts0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 5 Read Review Open My Free Account Your capital is at risk. Forex NewsOpinions share Read Next Big Warning Sign from Jobless Claims Yohay Elam 12 years China's GDP was very strong. The currency that benefits the most is the Aussie, which settled above an important line. Update on this strong currency. Growth in China was very strong - an annual rate of 11.9% in the first quarter of 2010. This is better than Q4's growth of 10.7%, and also better than early expectations. This figure isn't alone: Update: 10:00 GMT - it seems that the fresh worries about Greece are endangering the Aussie's achievements. China's industry, which buys materials from Australia, showed an annual growth rate of 18%, very strong as well. Additional figures also came… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk.4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk.5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.