Weakness helped along by a much lower October trade balance than expectations at A$105M vs A$1400M .
We are fast approaching that line in the sand on the Aussie chart marked by the November lows (blue area) at 0.7531.
I caught my short trade very close to the top (red arrow) at 0.7650 and plan on lightening up here and taking some profits. We often get a small bounce as we close in on prior monthly lows and I always suggest locking in some gains at important levels on successful trades. I will watch the price action closely and add back to my short position if said lows are breached in the coming sessions .
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It’s becoming a habit you picking tops 😉
And long may it last. Great trade.
Well done Horie, ya picked it like a ………
From the daily chart, now that 0.753 has gone, the next major line in the sand is down around 0.737