Sell AUD towards 0.7339

FX_IDC:AUDUSD   Australian Dollar / U.S. Dollar
138 0 1
Completion of Bat Pattern . inline with a longer term trend downward trend.
Comment: we resisted the high of 0.7321 for now and traded back down to 0.7303. i expect usds to trade on the offered side for now (next few hours) given the poor US ISM and hopefully get an opportunity to sell AUD before the GDP data tmr.Think that the data will disappoint given that market is expecting a +0.7 to 0.8% print, which is a high number compared to previous data points.
Comment: Looks like we will see another leg lower in usds as aud back at 0.7315, eur at 1.0618 from 1.0602. mkt likely to punish the faders.
Comment: Aud printed a new intraday high 0.7323. it looks the most bid of all the ccy i watch agst usd, as such i am quite reluctant to initiate the short. nonetheless, stuck an offer in the system for half my usual size at 0.7335 and I'm off to bed.
Comment: we saw a decent gdp print at 0.9%, initial aud move seems tad weak to me. continue to monitor the price action. does look good to sell on rallies now. perhaps sell the other half of my position into another uptick.
Trade active: left an order to sell other half at 0.7320
Comment: filled for my other half. keeping stop tight for half the position at 0.7345
Comment: this trade has gone in our favor for now. aud at 0.7290 with low of 0.7283. expect some offers at 0.7300 intraday to cap any move higher. quietly confident we might see a move to 0.7240 today during ldn trading hours, but we shall see.
Comment: Still holding on to the trade. i guess my thoughts of .7240 was wrong. price action abit more encouraging today vs yesterday. usdasia sold of pretty hard but aud stayed offered around 0.7350. no reason for me to close the trade, sitting tight.
Comment: we have moved lower from 0.7340 to 0.7290. encouraged by px action, but hoping for it to close below days low of 0.7283
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