Eur/Aud: (LONG TRADE TRIGGERED) The cross continues to trade with a heavy tone since breaking down from a multi-day consolidation in late March. Setbacks however have now extended back to a very well supported area, with the daily chart showing the cross now trading at the bottom of a longer-term range. With daily studies showing oversold, scope exists for yet another bounce out from current levels back into the middle of a very familiar range that has defined trade since October 2008. Our long has been triggered and is currently well out of the money. We will look to exit on the close if no upside is seen as per instruction.
Position: LONG @1.8655 FOR A 1.9450 OBJECTIVE, STOP @1.8455. Stops to be trailed to cost on a break back above 1.8800. If 1.8800 not broken, position to be closed out at NY close (5pm EDT) on Tuesday.
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