Good morning again and welcome to Melbourne Cup day in Australia … a day for eating, drinking and general merriment. Its sort of an unofficial market semi-holiday. (In Melbourne its an official holiday … for a horse race! Now there’s marketing clout for you!).
Here’s what the orderboards look like for the AUD/USD …
Oh, before I start though – I’ve said it before but I like to say it again every so often … these market orderboards convey where there are clusters of orders in the market. There are orders at pretty much every tick in the market (round numbers, despite everyone knowing better, are particularly attractive), there’s always (not always, most mostly) interest pretty much everywhere, always a bid, an offer, a stop, and so on … so what you are looking at here is where the clusters are. It isn’t complete, it can’t be. Anyone who tells you they have the lowdown on every order and interest in the market is bullshitting mistaken in his mind
OK, lets get on with it:
- Sellers 0.9600
- Sellers 0.9525 and 0.9550 – note that there are stop loss buy orders building above 0.9525, there are plenty of shorts and above 0.9525 is a key order level
- Buyers initially 0.9460/70 (some stops below, not large)
- Buyers 0.9420/30 (some stops below)
- Buyers 0.9400
