Currency Market News:
It seems to be common knowledge that a large Asian name is currently having its way with the AUD/USD and treating it like its own little play thing and is happy to stop it going through 0.6550 before the end of the month.
I continue to be of the opinion that based on the technicals, the AUD/USD is a buy whilst it remains above the 0.6300 level which is where the base of the trend channel for a potential move all the way back to 0.7500 in the coming months. Please click here for a great daily AUD/USD chart with lots of fancy bells and whistles.
If we take out 0.6550 next week we will still have to negotiate any resistance provided by the 50 and 100 day Moving Averages which come in around 0.6660/90, but we should have the legs to at least see a retest of 0.6800. If we get lucky and get a move below 0.6400 tonight, buy the AUD/USD and leave a stop below0.6300. Also leave a buy order at 0.6359 with a stop below 0.6300.
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Happy Hunting!
