USD/AUD One to watch?


There may be an oppertunity to go long this pair above 0.8615. This pair have been trading sideways for the last 2 weeks in a 150 point range. With the US interest rate statement out of the way the next bit of news for this pair is a 0.25% interest rate hike for the Aussie dollar on Wednesday. Its probably already priced in, but if the pair gets above 0.8615 there could be momentum to the upside. I would'nt be risking the farm on this trade, maybe a 30 pip stop-loss at most.
GOOD LUCK.
UPDATE: 9th of August 2007. The USD/AUD did breakout above the 0.8615 level. It hit a high of 0.8661. Hope you made some $ on this trade idea.