After some positive economic news for the U.S. today, particularly the Core Retail Sales (MoM) Dec. number, the USD caught a bid tone.
A short in the AUDUSD was taken risking 9 pips for a potential 28 pips to our daily target at .6896. Price moved down to test yesterday’s high before moving lower to test its Asian session low and the trade was closed at our daily target. The Aussie dollar has been under pressure this year and a close beneath .6885 will be considered even more bearish.
There is some important economic news on Friday that can potentially affect the GBP, EUR and USD. It’s usually better to wait until 15 minutes or more after the news release before entering a trade. If you’re already in a trade, lock in profit, so as not to get closed out by news reaction volatility.
Good luck with your trading!
