About Pick of the Day

Each day, I will try to find what I believe is the best looking short term trade setup for the upcoming trading day or week. If you're a forex newbie, it can be tricky in the beginning trying to figure out how to look at charts and draw lines. My goal is help you understand the psychology of price movements so you can learn to analyze your own charts and trade on your very own. I will post my ideas and/or reviews through out each session right here, on Twitter and on Facebook.

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August 2006

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AUD/USD

Posted 00:11 09 August 2006 | Comments

Tonight's pick is on the AUD/USD. As you can see on the one hour chart, the pair has found the 0.7600 level as an area of support, but are we seeing a break of that level now? Well, we've seen Australian Business and Consumer confidence reports dropping in recent months showing signs of weakness. Add FOMC comments today of possible rate hikes in the future if data calls for it and we may see a continued drop in this pair. In the mean time we will go with the new short term trend. Here are a couple of short ideas:

Short AUD/USD at 0.7550, stop at 0.7575, pt1 at 0.7525, pt2 at 0.7500

Short AUD/USD at 0.7600, stop at 0.7625, pt1 at 0.7580, pt2 at 0.7550

Good luck and good trading!