BOAFX

AUD/USD Long Position

Long
FX:AUDUSD   Australian Dollar / U.S. Dollar
Fundamentals:- There was good data from Australia today even though the RBA (Royal Bank of Australia) did not raise interest rates the rhetoric was positive about wage growth and inflation . Retail sales rose to 0.5% above the expected 0.3% giving a boost to AUD.

Technicals:- After some morning long positions traders have taken profits allowing the price to fall back towards the 7600 level which is also just below the 68% fibonacci retracement level giving a good area of confluence to place the buy trade.

BUY at 7615

stop loss 7584

take profit 7705

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