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Sticking to AUDUSD short Ahead of ECB

Sticking to AUDUSD short Ahead of ECB

David Rodriguez, Head of Product

I remain short the Australian Dollar from two weeks ago, and tomorrows highly-anticipated European Central Bank interest rate decision could ultimately provide further spark for AUDUSD declines.

As I detailed on the Real Time News Feed last week, my initial entry was at the $1.0487 with a stop above $1.0550. We've finally seen the test of $1.0180 I was hoping for, and I will trail my stop lower to Sunday's opening range high at $1.0355 (leaving small cushion for a potential run on stops.)

Yet ultimately I believe that critical upcoming event risk favors Australian Dollar short positions amidst the danger of substantial financial market volatility.

Said event risk starts tomorrow with a highly-anticipated European Central Bank interest rate decision, and any disappointments could cause important market turmoil--sending the highly-correlated AUDUSD lower.

Contact and Follow David via Twitter: http://www.Twitter.com/DRodriguezFX

Receive David's report via Facebook:http://www.Facebook.com/DRodriguezFX

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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