Austrailain Employment headline numbers were upbeat but once when we broke it down we saw that its not all that hunky dory with employment as full time jobs saw steepest fall in 13 years and part time jobs addition was the reason for such upbeat numbers.I had once broken down the overall numbers advised that the upside momemtum could die down soon and advised a sell in aud/usd at 0.7712 area with stop above the horizontal support above 0.7755 which in the past few days was tested and failed TWICE.So the risk was defined and we saw aud/usd try to stay above 0.7700 with great difficulty and had made a low of 0.7650 last night.Today since Asian session the pair is correcting downward and made a low of 0.7622 and I had mentioned that there is support at 0.7635 are which is were its currently trading.Here is what I prefer to do now on this trade , I am existing at 0.7635 which is where its trading now and book a decent 77 pips profit but I am still convinced that the pair could atleast test 0.7570on the downside.The daily candle has closed bearishly so I will today again look at selling this pair higher between 0.7670 to 0.7685 which is the 50 and 61.8 fib retracement of last days move.
A higher risk taker can start looking at selling from 0.7660 which is the 38.2 fib.
There is a fair chance that price break below 0.7622 (today's low) before moving higher and in that case these levels dont mean a thing and we miss additional profits , but as we have clocked in 77 pips I think it makes sense to close and re enter higher.You can read my previous post on how and why we entered this aud/usd trade yesterday here.
Disclaimer :- Trading is not for the weak hearted , Trading these instruments involves high level of risk and losses can exceed capital (depending on your FX Broker).My advises should be used as a medium to learn and not as a medium to get RICH.I dont have any formula for anyone to get RICH. I shall share no responsibility for anyone's profit or losses.Once again Trading is not for everyone.
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