I will be buying USD/AUD at 0.7802

BUY USD/AUD at 0.7802

STOP-LOSS at 0.7669

TARGET in the direction of 0.8000

REASON FOR TRADE: A real Friday afternoon type of trade. This pair is holding the daily support level. I fancy this pair above the 0.7800 level. The Aussie dollar has sold off hard over the last few days and with the weekend upon us, it may be time for the short USD/AUD players to liquidate some or all of their positions. Will it stay up from here? who knows..


UPDATE 1: 17 of August 2007 stop-loss now at breakeven.
UPDATE 2: Fun and games on the opening of the DOW, Fed Cutting discount rate, My target is open until I see how this day goes.
UPDATE 3: 20th of August 2007. Profit 0f +212 pips taken