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Australian Dollar Cross Pick
Written by article default Monday, 11 October 2010 08:22
After failing to close above 81.50 last Thursday, the AUD/JPY slipped to a low of 79.57 following the dismal U.S. non-farms payroll report, but I did not trade the event given the reversal immediately following the release. As the aussie-yen continues to consolidate below 82.00, I expect a corrective retracement to pan out over the coming weeks, and I will look for a close below the 200-Day SMA (80.28) as confirmation for a reversal. If we see a reversal in the AUD/JPY play out this week, I will take another stab at selling the pair around 80.00, with a soft target at the 50-Day SMA (78.40).Click here to learn more about DailyFX.