Pick of the Day: AUD/USD

For those of you who have checked out my signals blog, you already know that I’m heading to Europe for a little bit of rest and relaxation. So, today’s pick is actually a “Pick of the Week.” This is a little bit longer term trade idea to hold it down until the end of next week. Hopefully, I will get a chance to find an internet connection here and there to take a look at the market and drop an idea or two. So keep an eye out for an update. Also, if you haven’t seen it, check out Big Pippin’s new signals blog. We’ve been working really hard on our signals, so check them out!

We’ve seen a fantastic run in the Aussie against the dollar, but with what seems like a commodity bubble bursting we may see a continued correction in this pair. I’m looking for a 10 pips close below the 50% fib level (0.7402) on the daily chart to go short.

Short AUD/USD at 0.7392, stop at 0.7475, pt1 at 0.7316, pt2 at 0.7205

Good luck and good trading!