Pick of the Day: AUD/USD

The AUD/USD has been in range mode for the past few days, making directional trades difficult. Regardless, I still like a long trade on the pair for a few reasons – Stronger commodity prices, much stronger housing numbers our of Australia, and a mixed US dollar as traders await hints from the Fed of future monetary policy. The market is not expecting any significant remarks from FOMC chairman Bernanke, but please adjust trades according before he speaks (ie. Tighten stops or close profitable positions) to any surprise remarks.

Long AUD/USD at 0.7600, stop at 0.7580, pt1 at 0.7620, pt2 at 0.7650

We’ve done pretty well this week and hopefully we can end the week off strong! Good luck, good trading, and have a great weekend!