Pick of the Day: AUD/USD

We are seeing a continued move to the downside in AUD/USD, so in tonight’s pick, we will hopefully catch this move at a great price. It’s looks like the pair is stalling and back in range mode momentarily, but with tomorrow’s CPI data, we may see some volatility as this number has been highly anticipated ever since inflation woes have dominated the market. I’m looking to short at the 61.8 Fib retracement line and the 200 sma, a good point of resistance. Here’s the trade:

Short AUD/USD at 0.7450, stop at 0.7480, pt1 at 0.7435, pt2 at 0.7420

Good luck and good trading!