The AUD set up for a long trade -climbed to its Asian high where it essentially topped out for the session. After a quick move to the downside after London open… luring in breakout traders, the AUD reversed to run stops. We enter long with a 13 pip stop loss giving us a greater than 3:1 R/R to our Target 2.
Price climbed higher stalling at the Asian session high. We protected ourselves by placing our profit stop just beneath this level… where we are promptly taken out…well in advance of the first round of US economic releases today. After an active session yesterday, today’s session was much more muted to end the week. Demand for yield continues to be the key driver for the AUD and NZD in the near term.
Good luck with your trading! Enjoy your weekend!
Back Tuesday if we find a trade.
Michael
