A tough one to trade-the AUD spiked up against the $ today-probably in anticipation of a surprise rate increase tom-not sure if this will have any real effect.
Retail Sales is not so volatile but fairly tradeable with small targets.. no idea on PMI though.
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PMI looking like a dud... lets wait out for longer and see if its a late kicker
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PMI is a dud.. It came out AUD+ yet it declined. PMI was totally ignored. Watch out for Retail sales intead due 9:30PM EST.
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Retail Sales came out 0.3%; better than expected but worse than previous = Whipsaw in my book.
I tried to sell on strength of the number but my brokers were too slow to accept the orders ... ended with 0 pips..
I wanted to go long thereafter but thinking USD has weakened, LONG AUDUSD is not a good idea right now considering there is rumor of an unexpected AUD rate hike tommorrow.
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Joined Sep 2006
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Status: Dynamic Stability
|91 Posts
I wanted to go long thereafter but thinking USD has weakened, LONG AUDUSD is not a good idea right now considering there is rumor of an unexpected AUD rate hike tommorrow.[/quote]
Hi Burgerking
If there is a rumor for rate increase, isn't it good(long) for AUD/USD?
You are correct... if there is a rate hike, it should favor long AUDUSD.. If I understood that part, I would have more conviction to go long earlier after the downspike. (The result came out between expectation and previous result = whipsaw or reversal according to past historic charts)
I got the rumor from TTN. RBA was hinting that it is likely to raise than lower the rates.
PS. I should have gone long when it hits 0.7460; but my hesitation is founded on the fact that both the brokers I am playing with right now are slow to accept orders. As a matter of fact, one broker did not fill me for more than 2 minutes when the trend went from downhill to uphill and I have to close my position the moment I was filled.
