Running Market Commentary 7/30/08

[BostonFXtrader]

On 7/14/08, we recommended to SHORT AUD/ USD at 0.9735. Currently, we are trading at 0.9435 and have 300 pips on this particular trade. We mentioned before that this currency pair pays heavy swaps daily and we would most likely take the trade off before it reaches its intended target of 0.9300. Tonight, Australia is releasing it's Retail Sales and Trade Balance figures. These tend to be big movers for the currency and we recommend to keep most of the profit by moving down your STOP LOSS from 0.9960 to 0.9515. This move will ensure that we are locking in 220 pips of profit while letting the trade run to it's target of 0.9300. Lets hope that these economic figures being released tonight miss big and we reach our goal of 0.9300.