Pick of the Day: AUD/USD

Last week I had a short play on AUD/USD, but now it’s time to go long again. It seems like dollar bears are on the rise and commodities are making a new run up which makes a long play on AUD/USD very attractive. On the one hour chart, the pair made a run up before reversing. Also, the stochastics are showing oversold price action. Right now the pair is in consolidation mode and we may see movement as early as the euro trading session. Here’s a couple of long ideas

Long AUD/USD at 0.7630, stop at 0.7610, pt1 at 0.7650, pt2 at 0.7675
Long AUD/USD at 0.7595, stop at 0.7575, pt1 at 0.7615, pt2 at 0.7635