Australian Dollar Cross Pick 03.24.2011
As the EUR/GBP pares the decline from earlier this week, I haven taken off the sell entry at 0.8650, and may take a stab at selling the pair in the week ahead as the EU Summit takes the spotlight. Nevertheless, there’s certainly a good opportunity to play the range-bound price action in the AUD/USD as it comes up against 1.0200, and I will look to fade the five-day rally in the exchange rate if the pair closes below 1.0155, the previous day’s high. If the AUD/USD loses ground throughout the North American trade, I will sell the pair at market (below 1.0155) and look for a test of support at 0.9800, with the stop at 1.0200.
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