Trade: Long AUDUSD @ market (now 0.8672)
Stop Loss: 0.8565
Take Profit: 0.8770
Commentary: Day Trading Strategy. AUDUSD has fallen significantly from its highs in the 0.9300-0.9400 area, presenting a cheaper price to buy. There is support near 0.8600 which is holding so far and we believe will result in a bounce. We have placed our stop under this support and the recent low of 0.8577. US stocks are positive today, showing the risk aversion that was dominant last week has subsided for now. Risk appetite will be good for the AUDUSD. There is an upper trend line (on the down trend over the last couple of months) where AUDUSD may top out in the short to medium term, so we are targeting around in that area. If that breaks, we are likely to send another buy signal.
Trade Status: Open
