The AUD had no strength above yesterday’s high. With an overall light news session, there was little action, but with the US session well underway, it looked like the AUD was going to fall once again.
An entry short is taken late in the session as the European session ended with hopes of the pair making it down to the Asian session lows. Unfortunately price couldn’t seem to get down even to test the session lows and we exit the trade at the UK close.
On a side note, notice the volatility of the GBP 15 minutes before the Manufacturing Production news release. This is a good reminder why it’s better not to trade in front of major economic news releases and to keep stops tight and lock in profits when you are in a trade and news is pending.
Good luck with your trading!
Back tomorrow if we find a trade.