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Prior to launching ForexLive, Jamie Coleman spent nearly twelve years at Thomson Financial as managing analyst of the institutional forex product IFR Forex Watch. In 2007, he left the Forex Watch team to launch a retail forex-oriented site which became the popular Reuters FX Hub. FX Hub fell... More
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  • Australian Dollar Sinks To Fresh 10-Month Low, Where Next? 0 comments
    May 13, 2013 1:31 PM | about stocks: FXA

    AUD/USD sank below 0.9950 to the lowest since June 2012 as speculators abandon the one of the great trades of the past 6 years.

    AUD/USD is down 80 pips to 0.9944 after tripping stops below 0.9950. A larger cluster of buy orders is around 0.9925 with others at 0.9900 (stops below) and 0.9885.

    Weekly CFTC futures positioning showed Aussie longs at the lowest levels since mid-2012.

    (click to enlarge)

    Technically, the AUD/USD daily chart has completed a long-term sideways consolidation with a breakout to the downside. The simple measured target of the move coincides with the June 2012 lows around 0.9600.

    (click to enlarge)

    Generally, I prefer to sell on a re-test of the old range. That would mean a sell order around 1.0100.

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Stocks: FXA
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