FX:AUDUSD   Australian Dollar/U.S. Dollar
Learn 2 trade like a pro http://boafx.com - After the RBA kept rates on old yesterday we had a relief rally on the AUD/USD             but don't let this confuse you between the strengths of these individual currencies . The COT report shows short positions have been added too on the AUD and buy positions have declined, so sentiment is still strong to the downside. After FED's Lockhart a Dovish member said Rate hikes are still appropriate for September we had strength come back into the USD causing an engulfing candle on the 4 hour chart. I am now just waiting to see a 50% pull back on that move before further downside. The pull back might not happen but it is necessary to get a 3:1 risk reward if this is not achievable then we will not take the trade.
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