Pick of the Day: AUD/USD

Without any major economic reports coming out tomorrow, I’m looking to enter a couple of short plays on the AUS/USD, and to catch what seems to be a short term downtrend. It looks like the pair stalled at the 0.7600 level. I’d like to see a small relief rally before I jump in short to jump in at a great price. I drew a fibonnaci retracement and pivot points to check which area of resistance would be a great entry point. So, here it goes:
Short AUD/USD at 0.7640, stop at 0.7660, pt1 at 0.7620, pt2 at 0.7600

Like what you've read?
Join over 45,000 other traders who get our newsletter. Tutorials, EAs, chart setups, free forex trading systems, and more!