If you have missed the Australian Dollar rally to 0.7500 the now it's little late to get onboard. Besides yesterday's Chinese Export data ( 20.6 % y/y decline ) with toppy equity market is not going to help AUD/USD either. So then what's the plan?
One idea is to short AUD/USD near 0.7440 and see how far it can fall ! Australian dollar has history of getting bulls all worked up and spitting them out next day ! So that might help if it gets an elevator down. We have shorted it yesterday from 0.7450 and will see how things go from here.
Another trade we are looking for is to get long ( may be a quick short term trade or may hold position long term if it start developing nicely ). For that, good levels are 0.7350 , 0.7300 and 0.7250. We will be monitoring price action closely if reaching those levels and even won't mind getting into day trade for 15/20 pips. Because probability is high that the fall will be arrested to these levels, at least for few mins !
You can also check out our GBP/USD trade idea with existing trade +300 pips.
One idea is to short AUD/USD near 0.7440 and see how far it can fall ! Australian dollar has history of getting bulls all worked up and spitting them out next day ! So that might help if it gets an elevator down. We have shorted it yesterday from 0.7450 and will see how things go from here.
Another trade we are looking for is to get long ( may be a quick short term trade or may hold position long term if it start developing nicely ). For that, good levels are 0.7350 , 0.7300 and 0.7250. We will be monitoring price action closely if reaching those levels and even won't mind getting into day trade for 15/20 pips. Because probability is high that the fall will be arrested to these levels, at least for few mins !
You can also check out our GBP/USD trade idea with existing trade +300 pips.
