Trade Closed: 2007-04-25 21:05
Our position was stopped out yesterday. There was no news, it was reported that the move up was on program trading by institutions. It looks like traders are looking to get into the Aussie on any kind of dip and that we probably won’t see much of profit taking anytime soon. So, we took a small hit yesterday, but keep smiling…there’s always an opportunity around the corner.
1st half: -40 pips
2nd half: -15 pips
Total: -55 pips
Trade Idea: 2007-04-24 13:01
Hello my friends I have been long biased on AUD/USD for sometime now, but have always missed the boat in my search to enter on better prices. Well, now it looks like the tides have changed for the Aussie…at least in the short term.
Traders are pricing out a rate hike in May as CPI came in lower than expected at a 0.1 decrease in the fourth quarter. Now, the Aussie has made a supreme run to new highs not seen in almost two decades, so maybe it’s time to take some profits.
Because of the interest rate differential and the health of the US and Australian economies, I am long term bias on AUD/USD, but in the short term I seen an opportunity to take quick profits as traders around the globe lighten up on their positions.