michaelarias
Long

Aussie Dollar Long at support.

FX:AUDUSD   Australian Dollar/U.S. Dollar
46 0 5
Potential support around 0.74374 area. If it holds go long with target at 0.84560.
Comment: This is a big call because it means that the USD is at resistance and if it holds we are looking at a sizeable decline.
Comment: Employment figures due out in under an hour should get Aussie to spring into action.

USD has failed to hold above resistance and appears to be falling off the roof as Steve Nison would say.
Comment: I am not trading this because support never held.

USD too strong and AUDUSD and other pairs against USD will probably fall for quite some time. Momentum trade possible if you have a strategy.

I think from here it will drop like a sack but will probably return to test this area in the non so distant future. Probably in a wave 2.
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