5 May 2008 - 11:50Trading Advice 5/5/08

The big news tonight will be the Australian interest rate decision which is expected to remain unchanged. Before that the trade balance will be released and it is also important for AUD/USD, AUD/JPY and other crosses. I expect to see AUD/USD struggle with $.9470 prior to the announcement and then come tumbling down about a penny afterwards. Unless of course they actually raise the rate tonight. Otherwise it’s just another case of buying the rumor and selling the fact that they left rates unchanged.