3 June 2008 - 18:11Trading Advice 6/3/08

With the Fed today claiming that they would stabilize the dollar and the market reacting as planned it makes it a good time to short the dollar. AUD/USD seems likely to shoot up a good 50 pips when their GDP is released tonight as long as it comes in as forecast or better than predicted. $.95 is a tough nut to crack for the pair and I don’t think Bernake’s rhetoric will be enough to crack it tonight. It would take a pretty bad number to do that. So my advice is to get in and put stops in at $.9495 just in case and expect to see about 50 pips by morning.