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
This content is strictly for informational purposes only and does not constitute as investment advice. Trading any financial market involves risk. Please read our Risk Disclosure to make sure you understand the risks involved.