1. Wednesday, July 11th, 2007 (9:30 p.m. New York Time) AUSTRALIA

We have only one report that is worth watching and possibly trading: Australian employment change at 9:30 p.m. New York time. It is expected to come out at 15,000 versus 39,400 last month; unemployment rate is expected to come out the same at 4.2%. If the Australian employment comes out at 30,000 or higher, I think it would be a relatively strong reading back to back, and I think we may see AUD/USD going up by 30 pips or more in the first hour of the report. On the other hand, if the Australian employment comes out at zero or negative, it would be a bad employment reading, and I think we may see AUD/USD going down by 30 pips or more in the first hour of the report. As always, the price levels before the report will be very important. If the price is too close to big support or resistant levels, the move may be partially muted so please watch out.

SUMMARY:
* Report: Australian employment
* BUY on AUD/USD if the number will be 30,000 or higher
* SELL on AUD/USD if the number will be 0 or negative
* If the trigger is hit, expect 30 pips or more in the first hour of the report.

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