Okay so it's at 142.5 which I 've being saying would be the right level to be a good long term buy trade. It's dropped more than 6c since I first posted 3 weeks ago which is a huge move when it comes to currencies. I still believe that 142/43 is a good buy level but my preference is to go long once and make it a great trade rather than have to double up down the track. With very little support between the current price and 140 this could dip further. I'm also a bit wary that the pair's 12 month high is 171 and a 20% decline from that is 137. Most of the other major currencies have depreciated more than 20% against the USD but given this pair's interest rate differential is only .25% I'm confident that the 140 level should hold. So I'll wait a few more days or a week or so to see what happens from here but I do what to go long before the next Fed meeting which is in about 10 days away.
Price at posting:
0.7018 Sentiment: None Disclosure: Not Held
