Today the Australian dollar has surged upwards after last Friday beating against the US dollar. At the moment, it has reached 512 pips turnaround ( recovery) however, tmw night is budget day lets see how the market will react. I believe that the Australia dollar will fall as profit taken before or after budget night tmw Tuesday. as there is a cut of spending and slow growth forecast.

hmmm I dont think it has hit a 512 pip rally from what I can tell. I cant see my charts but according to yahoo finance it is about the same as when I left to work. Just enough to close the gap from friday and retest fridays low. Candles this morning where showing some rejection so I went short again. As far as I can tell my short is still alive but not doing much. As far as I can see I think you ment it rallied 51.2 pips. Thats more realistic. I have never seen the Aussie rally 500 pips in one day in the few years I have been trading it and somehow I dont think today is going to be that day. Price currently 1.0190 so getting closer to my stop but not quite there yet. My stop is resting above the 1.02 figure. In case the break on Friday was a fake out I am covered. Knowing my luck it might just tag my stop then go back down but hey it is what it is.

I got slaughtered on AUD/USD over the last two weeks. One of my worst trades in quite some time.
I got long almost right at the intermediate top and clung to my position for entirely too long.
It is my favorite pair to trade though and I’ve done very well so I suppose I can suck it up and take my lumps :wink:

AUS/USD, Australian dollar is losing ground ATM due to those economic data about China, it is heading towards parity, if it is not today then I expected by next week. I am going short selling gaining so far 73 pips. Cheers