Pick of the Day: AUD/USD

The US dollar has been gaining some ground against the Aussie dollar, so I’ve decided to jump in the downtrend of this pair. The pair has tested the .7400 handle, retraced, and it’s back down again, barely keeping it’s head about that level. Because AUD/USD is in a downtrend I’m looking for a short play on this pair. My only concern is the release of the trade balance report tomorrow at 8:30 am EST. Please be very cautious during that time period for potential volatility from a surprise number. Here’s a couple of trade ideas:

Short AUD/USD at 0.7466, stop at 0.7496, pt1 at 0.7450, pt2 at 0.07425

Or

Short AUD/USD at 0.7377, stop at 0.7407, pt1 at 0.7350, pt2 at 0.7330

Good luck and good trading!

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