Aspen Trading: recommendations on AUD/USD(2012-05-02)
Aspen Trading: recommendations on AUD/USD
Wednesday, May 2, 2012 - 08:00
The Australian dollar fell against the greenback after Reserve Bank of Australia unexpectedly cut its main cash rate by 50 bps to 3.75% yesterday.
Analysts at Aspen Trading Group are convinced that the downward pressure on the AUD/USD is set to continue. In their view, the Australia’s economy may require more rate cuts on the back of problems in the housing sector and low inflation figures. The U.S. dollar, on the contrary, is strong on yesterday’s positive Manufacturing PMI report (54.8 vs. consensus-forecast 53.0 and 53.4 in March) and seems to have bright prospects.
Strategists recommend entering the trade at $1.0330 with a stop at $1.0500 and a target of $1.0000.
Comment here http://www.fbs.com/analytics/2012-05...trading-audusd