Dealers say that trailing stops are being triggered in the AUD/USD this morning after traders bought the break of .6560 overnight and left tight 30/50 pip trailing stops.
As mentioned earlier, initial technical support for the AUD/USD comes in around .6515/20 and, although there has been a marginal break, prices seem to be holding above there. I prefer not to buy in yet but will wait until Tokyo is up-and-running and if an hourly low has then formed, I will buy with a tight stop.
