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January 12, 2014
Buy Order for AUD/USD TRIGGERED
Place Order to Buy AUD/USD @ 0.9027
Stop @ 0.8967
Close ½ @ 0.9057, move stop to breakeven
Close rest @ 0.9175
While there has been a lot of weak Australian data, the currency pair is very vulnerable to a short squeeze because of the extreme level of short positioning. There are many stops sitting above the key 90 cent level and we believe that if this level is broken, the pair will squeeze quickly higher to 91 cents. When Asian traders return their desks on Sunday and see how weak the NFP report is, they could drive the U.S. dollar even lower and AUD/USD above 90 cents. Gold has also been performing well, lending support to the pair. As we expect the USD to continue to weaken, gold should extend higher.
January 13, 2014
BKSWING Long AUD/USD Target 1 reached at 9057+30 move stop to be at 9027
BKSWING Move stop to 9067 to lock in +70 on AUDUSD