Friday, December 7, 2012

Update to Aussie Dollar

Update to Aussie Dollar SocialTwist Tell-a-Friend

Attached is the 50-day chart of the ADZ2

Although we did trade as high as 105.08, we were unable to hold those gains and settled at 104.66.  This was a bit disappointing and leaves us on the sidelines as we go into the NFP number this morning.  A weak number is widely anticipated and probably will be explained away as a result of super storm Sandy.   

The ADZ2 chart still looks constructive and we would adopt a bullish bias on a close above 104.80.  If we get in, our stop loss is still at 104.20.  Initial upside target is 105.40.

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