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Strategies & Market Trends : John Pitera's Market Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: John Pitera who wrote (3920)	5/24/2001 7:36:20 PM
From: Mark Adams	Read Replies (2) \| Respond to of 33421

FX ALERT: AUD/USD headed for 0.5245/50 after breaking 0.5205 AUD/USD is headed for 0.5245/50 (former uptrend up 0.4775) after breaking above 0.5205 early Friday. This follows the overnight squeeze above 0.5150 on short covering, magnified by U.S. investment bank buying for Aus $500-600 million. Some are guessing at an M&A flow, but details are lacking. The ability to regain 0.5200 in the absence of any substantial recovery in EUR/JPY is quite impressive. The Aussie also rallied in the face of a $7 fall in gold, although gold did hold above the former range top at $275.00. Local traders will have been completely crushed by the overnight move and will be reluctant to do anything today with the holiday in Europe last night and the U.K. and U.S. on Monday. However, investors who were stopped out of long positions this week may be tempted to re-establish their positions. The reaction to former trend support at 0.5245/50 will decide whether 0.5170 or 0.5320 is tested next. Suspect the former, while EUR/JPY remains heavy. BridgeNews