Trade Rationale: The pair is at the bottom of the range and previous low. I think with the RBA expected to cut rates next week, we’ll see an AUD sell off.
Trade Adjustments: Move stop to breakeven as soon as price goes up by 50 pips, then move it every 50 pips until I hit my ultimate profit target.
I agree 100%. I am long GBP/AUD, short AUD/NZD and short AUD/USD. GBP/AUD is at the bottom of its range, has had 7 weeks of decline and reached its 30 year low. AUD/USD is at the top of its range and has formed a triple top. And with NZD keeping its rate steady and increased demand for the Kiwi, I believe this pair should reach the bottom of the weekly bollinger band around 1.2650.
