SYDNEY (FWN) - The Australian dollar was higher against all major currencies in afternoon trade, with support for the currency increasing on an improved international economic outlook, dealers said. The unit traded between a high of 0.5191 usd and a low of 0.5183 during the day. A dealer with a domestic bank said positive interest rate differentials continue to discourage short selling while firm domestic economic data will help underpin the Reserve Bank's policy stance. "The Australian dollar should be in a position to make further small gains on a trade-weighted basis, but the currency will continue to find it difficult to break resistance in the 0.5180-0.52 area against the US dollar. Nevertheless, a move to 0.5250 is a possibility by early next week," he said. Commonwealth bank strategist Michael Derks said the Australian dollar is performing better on the improved global outlook. "Our long-term Australian and New Zealand dollar views have been more bearish, and we have had both currencies in our underweight category for some months now. However, it is becoming clear that the Australian dollar particularly is not going to weaken much further," he said.