Trade Entry: AUD/USD Short Position, 16-Jan-09

(Re-entry No.2)
Security: Spot FX (mini) AUD/USD
Direction: Short
Opening Price: 0.67211
Contract: 1 (mini)
Opening Contract Value: A$10,000 (US$6,721.1)
Limit Level: 0.65211
Stop Level: 0.68411
Amount Risked: US$120
Interest rate differential fee: -4% p.a.

Technical Justifications:

1. Unfavourable economic conditions and lower commodities prices are still putting pressure on the AUD/USD.
2. There has been a retracement in the previous day, which saw the AUD/USD pair rally about 200pips from a 1-month low; however, if it fails to break the previous high (resistance) of 0.6811, then prices should resume its downward trend.

Chart:

Spot FX (mini) AUD/USD - Hourly