Pick of the Day: AUD/USD

Today’s pick is a basic pivot play. I have this feeling the pair is going to run up to the SMA’s and then move back down, but to be safe I will wait for a break of the S1 line to enter. So, wait for a break and a candle close of at least 5 pips below the S1 line to go short @ 0.7353. Our stop is going to be at 0.7383. Going for 10 pips first, then move stop to breakeven and then going for 0.7332.

In the case the pair moves to the upside go long after a break and candle close above the R1 line. Set a 30 pips stop and go for 10 pips first, then for 0.7407.