AUD/USD 4H
[B]Long or Short:[/B] Short
[B]Entry Point:[/B] 1.0480
[B]Stop Loss:[/B] 1.0550
[B]Profit Target/s:[/B] 1.0200, previous low
[B]Reward-to-risk Ratio:[/B] 4:1!
[B]Risk percentage:[/B] 2%
[B]Indicators used:[/B] Fibo, 100 SMA
[B]Trade Rationale:[/B] AUD has been one of the weakest currencies lately. With many now expecting to see a rate cut from the RBA by the end of the year, I think it’s highly unlikely that AUD/USD will reach the same levels it did earlier this month. I think the area just below 1.0500 presents a good shorting opportunity since it’s in line with the .618 Fibo and a former support area.
[B]Trade Adjustments:[/B] Moving my stop to breakeven once price reaches 1.0400. Will consider adding to my position along the way.