The market continues to trade heavy suggesting chances of a deeper decline to come. Also increased talk of a rate rise as early as tomorrow is weighing on sentiment. The currency has taken a bid during today and usually the FX market gets it right more often than not.We’ll find out tomorrow for sure. The short term trend turns down at the 4536 level, about 56-pts from current prices and really a days trading away on a negative session. Should we close below that level stops will be tightened right up and no new trades will be taken on the long side. We’ll start assessing short positions for the discretionary setups and continuing to head for cash on the systematic setups.
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Phone: +617 5473 5743
Suite 1/ 21 Sleepy hollow Drive
Noosa Heads QLD 4567
AFSL 288200
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