Trade Closed: 2007-11-02 12:18
Well, it looks like it didn’t take much of a dip before traders bought back into the Aussie ahead of this mornings NFP numbers and on speculation the RBA will raise rates next week
Total: -100 pips
So, the .9100 handle held and the pair rallied, but we’re seeing a bit of ranging in between .9100 – .9200. We will probably continue to see ranging or even a slight trend higher ahead of next weeks data, so look out for that move to come.
Trade Idea: 2007-11-01 16:20
Hello my friends! Looks like we’re seeing another risk averse day as higher yielding currencies, like the Aussie, sell off as US equities take a dive in the late afternoon. How far can it go?
Well, the Aussie has been on a run against the Dollar for the past week or so ahead of the FOMC rate cut as well as speculation we may see a rate hike by the RBA next month. This run started all the way from .8750, so the retracement may go a bit deeper before we see buying back into the pair on that speculation of a rate hike in Australia and possible future rate cuts in the US. We will sell at market (.9139) and target the 240 MA’s as are max profit target.
Sell AUD/USD at market (.9139), stop at .9239, pt1 at .9080, pt2 at .8980
Remember to never risk more than 1% of your account on any single trade. Please adjust position sizes accordingly
Stay tuned for updates and trade adjustments….Good luck! 🙂