LTG Goldrock Reviews: We discussed the AUD drop yesterday in this report and I want to give you a warning right now that the unemployment report today has the potential to shoot the AUD back up higher. If you are short on the AUD and are in front more than 50 pips give some consideration to bringing your stop to break even before 11.30am today because my gut feeling is the unemployment report might be better than expected and a quick flush of buyers might come for the AUD.
I have been doing some reading and last month’s unemployment report pushed the official unemployment rate to 6.4%. Many leading economists believe it may drop back a tick or two at 11.30am today. In the event you bring your stop to break even and the report is negative you get to continue to ride price lower for more profit but if its positive then you may be able to lock in some profit or limit any negative loss if price drives quickly higher. You also have High Impacting News from China to contend with at the same time. See below for more on that.
The Consumer Confidence report yesterday was a major catalyst for the AUD fall as it showed the weakest consumer confidence in years. Now the AUDUSD is below that 200 Day Moving Average I have been mentioning for weeks we need to be patient and wait for a 50/200 set up or Order Sheet entry.
Please also be aware there is High Impacting news for China today at 11.30am which coincides with the Aussie Unemployment report so there is potential there for what I call a Double Banger News Event.
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