Where To Short AUDUSD

As stated in an earlier post we have kept a tight stop on our AUDUSD position. Two thirds of the trade was covered around .73 this morning for a 350 pip profit.  Australia has major data releases this week and we feel that there is a decent chance for AUDUSD to retrace to a level where we could sell more.

The RBA minutes will be released tonight and we will also be keeping an eye on the leading index and unemployment rate which will be released later this week but for now we look to sell into the .746 level.

All that being said, there is a chance we will add -$10,000 onto our position going into tonight but do not see adding the full -$20k that was covered today.

 

 

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