AUTOREFRESH 
AUD/JPY strategy update
By Sean Lee || November 22, 2009 at 21:24 GMT
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I went short this pair on Friday last just below 82 and I have managed to improve my average somewhat after a 150 pip fall. I have a stop on this strategy now at 83.35 which is very affordable and I’m hoping for a daily close below 79.50 to give me confirmation that a major move is developing. Support/resistance on the session is at 80.60/82.05.
Tnx Sean – This outlook looks achievable…
Hi Tonysan, it’s developing nicely at the moment but we’ll need another week or so before the market decides
Sean there are media reports of good aud-usd buying from Asian names that might be associated with sovereign interest. Traders say that the move higher in the gold price above 1,160 is also encouraging AUD buying. Would it be a good idea and wait a few hours and short at a higher level?
I am bearish at current levels John but markets are becoming much thinner in the last few days and I think we are going to start seeing ‘over-shoots’- so when you think it’s toppy, wait another 50 pips and then sell! I’ve heard no mention of Sovereign names buying AUD this morning, only China in the the NZD so far as I know but the gold price is certainly encouraging some fresh buying.
IMHO, gold is up way too fast … pretty sure gonna have correction, a small one at least
IFR reported.
I’ll let you know if I hear any confirmation John B