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!