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Published on Oct 8, 2007
After reaching a new 23-year high during Moscow session trading, profit taking saw the AUD/USD drop half of its average daily range before finding a level of support. Within the first hour of today's New York session, a break of support, and the subsequent re-test, provided a conservative entry for a short trade. Traders who were patient and stayed with the trade, earned 25 pips before London close at today's conservative target -- the 200 EMA. Those who stayed with it through London close, until the 5/8 cross during the New York afternoon, earned 50 pips.