AUD/USD: Moving my sell orders higher
This AUD market smells very oversold to my biased nostrils and I have a feeling that there will be a large amount of big trailing stops above .9250? I don’t know this for a fact, I’m only guessing, but it would seem like a sensible place for the macro shorts to have their trailing stops. Have a look at the daily chart and you can see that it could easily trade back towards .9625 without endangering the bear trend.
I’m moving my sell orders higher to .9325, which may seem somewhat overly ambitious but you never know your luck 🙂 I still think a lot of sheep have piled onto this bear AUD move at completely the wrong level and they could be in for some pain.