I took profit on yesterday's trade before the U.S data was released around 8:30 EST @ 128.10 for +115 pips. Tonight I am looking to GBP/AUD for retracement back to the 1.58 zone. I am selling @1.5890 with a TP 1.5790 and SL 1.5945 with a 50 pip trail.
The reasons for this trade are:
The 1.5900- 1.5920 zone has some tough resistance on the daily chart in the form of trendline reaching back to 2010 Oct-Nov lows as well as the 76.4 fib. level from the 1.6160-1.5150 fall, A clean break above 1.5950 could bring 1.6160 in a heartbeat. 4 hour and 1 hour charts are looking a bit exhausted and RSI's itching to come down, a test of support around 1.5800 looks likely. Since this somewhat of a countertrend trade based on intraday charts on a Friday a trail is being used.
the 5 & 15 minute charts are looking bullish but I'm hoping 1.5920 can keep a lid on this weeks rally for now. We'll see.
No comments:
Post a Comment