While the Diary of a Mad Hedge Fund Trader focuses on investment over a one week to six-month time frame, Mad Day Trader, provided by Jim Parker, will exploit money-making opportunities over a brief ten minute to three day window. It is ideally suited for day traders, but can also be used by long-term investors to improve market timing for entry and exit points.
AUD/JPY is at weekly resistance @ 92.85-90. Once above this level the spread can gain momentum.
We're looking for a test of the 200 day @ 94.44 once convincingly above this level.
Price action to look for in the AUD/USD.
We fully expect a test of the 94.20 level in the straight Aussie between now and tomorrow, hopefully before the Fed!
You want to take 1/2 the cross off anywhere close to 94.00 basis the Aussie cash as 94.20-25 is resistance and the closing upside pivot
Maintaining and closing over 94.25 will lead to another leg up in the Aussie.
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