What make's you think it will hit that number? Not sure if you trade AUD/USD but im short right now, and life's pretty good right now lol, but what do you think it?
Well, since we've swung basically on air again (this time downward), I mean, nothing economically bad has actually manifest in the euro zone, there hasn't been a substantial retracement in EUR/USD even though we just about crashed thru 1.2000. This is almost a one-way spike from the high 1.3400s since mid-March: It's still 1400-pips in 90-days. Seems to me the market is trying to "price in" certain factors to justify the tumble but those may just spin around and take a bite out of assured traders' butts, similar to the way they did when "euro was going to 1.4000" only to end up down 1650-tics at 1.2000. As far down as indicators may point, still there really isn't anything substantial in the market to base and sustain such a sudden swing down. One may conclude that a 500+ point retracement is in order.