@fxtech and @merchant - RBA keeps key interest the same contrary to market expectations and the aussie is duly sold in asian trade with AUDCAD heavily sold - buy stops getting tripped. This is why I like bullish/bearish extremes since reversals are so strong as last minute trend riders get burnt out. I'll add more shorts at 9860 on the bounce assuming London can bring us back there. If not, no need to chance the trade since below .9825 hints a collapse to .9680. If it does this, then these becomes a monthly trade and trend

I'm long GBPAUD (2 positions) @ market 1.6414, stop 1.6380 & limit 1.6520 & 2nd target 1.6580 - this is a weekly trade after the 1.6240 triple bottom. I expect this reversal to be furious if we break 1.6550 with highest target at 1.67s.

Trade ideas for today - short AUDUSD @.9630-50 - stop .9700-20 - sell limit .9550, 2nd .9475. I'd take 3 positions on this for a quick buck, then take profit on two position on 1st target and leave the other running for the 2nd limit.
Also looking at the EURGBP hourly, I think this pair is ready for another dive towards .8570 which hints more GBP strength. I'm maxed on my positions (for the day since I'm still looking for USDCHF and one more AUDCAD.
What are your trades for today or the week?

@fxtech - forgot to mention GBPAUD is breaking 1.6550 level. This opens up a test of 1.67 most likely by end of tomorrow. If you didn't take this trade, wait for 1.6500 retrace by NY time (4pm Kenya time), then go long.
AUDCAD - has collapsed to support near .9760. A retrace is now likely as quick shorts take profits. You can safely short around .9850-.9900

Interesting price action today. GDPAUD rockets after breaking 1.64 downtrend barrier to test critical zone at 1.6550 and is reversed all the way back to the daily open. Thanks for stops and limits. Got hit on both! The last time I saw this price action was during the Bear Sterns, Freddie Mac & Fannie Mae bankruptcy saga in mid 2008 before Lehman went bust and killed the markets. Then the intraday price action was so wild. The euro too was knee-jerk just like it has been since last week. 2008 is back.
AUDCAD retrace is impressive after the collapse, but the daily dragonfly candle is very bearish. The best aussie reversal has been the AUDNZD. I'm regretting putting the tight stops which were hit during the overnight trade. This one is truly bearish reversed for some weeks.
If EURGBP doesn't close above .8720 today I expect it to reverse. I didn't expect the euro to reverse strongly today. Very wild swings! I'm sidelined for now, but I'll keep a watch on the EURUSD reaction at 1.39s. At the same time I'll still look for GBPAUD longs due to the triple bottom. USDCHF is still falling, can't touch for now.

Sidelined for now. I'll look @ the london session then decide on NY session.
I think GBPUSD could test 1.60.

Hmmm... markets gone berserk. Are you seeing the today's choppy behaviour. Euro equities too, up and down. No direction. This is un-tradable.

Something from Goldman Sachs (GS) FX desk - http://www.scribd.com/do...8821898/Goldman-FX-10-6

GS is forecasting EURUSD high of 1.55 for a 12mth outlook. Buy euro debt crisis, sell US deficit economy Trading the ugly is getting really ugly. This is madness.