Close Trade: 2008-04-03 11:00
The pair has been swinging above and below our entry position since we opened it, and with what appears to be strong buying support at .9100, I have decided to close it down.
Close position at market (.9145) for a small loss
It appears the US Dollar is selling off today after disappointing Initial Claims data which came in a surprisingly high 407K claims. Yikes! So, a small loss for today, but that’s how it goes sometimes. Stay tuned for a new trading idea after tomorrow’s US Jobs data. See ya!
Trade Update: 2008-04-02 11:34
Our trade was triggered during the morning European trading session and we saw an abundance of sellers bring the pair back down below .9100 afterwards. A bit of risk appetite has come back into currencies after the US equity open, bringing us back above .9100, but still profitable.
Movements today will be based on any significant statements from Fed Chairman Bernanke today and commodity movements (which have made a small rally this morning). We will continue to hold on and see where the market takes us. Good luck!
Trade Idea: 2008-04-01 19:13
Hiyeeee!!! The Aussie has been trending lower against the Greenback , especially after the RBA decides to hold rates and takes a dovish stance at yesterday’s meeting. Uh oh! Will US Dollar strength continue to dominate this market in the trading day ahead?
Commodity prices included gold have fallen as well on US Dollar strength, and we may see the trend continue today with the lack of any major news events for the US and Australian economies. We will play the move lower, but only if we see a retracement on today’s US Dollar strength.
Short AUD/USD at .9125, stop at .9200, pt1 at .9050, pt2 at .8950
Remember to never risk more than 1% of your account on any single trade. Please adjust position sizes accordingly.
The only potential event risk is the ADP Employment report. Please be cautious during this event! Good luck my friends!