WestPac…AUD

From the FXWW Chatroom: Continued commentary of large stops building up below 0.7380 with 0.7385 the 61.8% of the 0.7160-0.7750 move and little below to 0.7331 the Jan 10 lows and weekly cloud base. Interesting to see very little in the way of option strikes to the downside. Dalian iron ore limit down 8%, AFR in an article entitled Australian dollar taken to the cleaners suggesting that a major US financial group selling out of a long in an australian bank and talk hedge funds all shorting aud banks on perceived mortgage stress. Fed minutes will not have helped either. So bids 0.7400-0.7380 all stops on break 0.7380-70 and 0.7350 with offers 0.7425-40.

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