Thursday, August 27, 2009

AUDUSD retests overnight highs

Fri, Aug 28 2009, 01:42 GMT

AUDUSD is trading above 84c and looks set to challenge the overnight high of 8417. There are sell orders ahead of 8430 and then more up at the previous top 8470/80. Market is short AUDUSD and AUDJPY on the back of Asian equity markets, in particular the Shanghai Composite, which traders believe should remain under pressure heading into month end. Personally, I will be selling into the rally up towards 8470/80 if I see it.

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