The last two sessions have been good ones for the Aussie. Price has broken above several key resistance levels on the daily chart and is looking for more. Currently, price is posting a retrace of the June high (.7676) to July low (.7310) macro-wave. As a result, the macro-wave 50% and 62% retracement levels have come into view.
Here is the trading plan for shorting the 62% level:
1) Entry: Sell .7531
2) Stop Loss: .7552
3) Profit Target: .7489
4) Risk vs Reward Ratio: 1/2
Here is the trading plan for shorting the 62% level:
1) Entry: Sell .7531
2) Stop Loss: .7552
3) Profit Target: .7489
4) Risk vs Reward Ratio: 1/2