Pick of the Day: AUD/USD

This pair has been trending to the downside, but recently we’ve seen a nice run up. This is most likely due to a bounce back in metals in which the Aussie dollar has a strong correlation to, and recent mixed news coming out of the US. Like they always say, “the trend is your friend” so I think I’m going to look go short and jump in this downtrend at a nice price.

Short AUD/USD at 0.7420, stop at 0.7450, pt1 at 0.7400, pt2 at 0.7385