Today's FOREX Trade of the Day was a short AUD/USD position.
Entry Sell: 0.8708
Exit Buy: 0.8671
Notional Intraday Profit: +37 pips
Today's intraday High of 0.8708 (at the time) was right around the 38.2% retracement of yesterday's Daily range, rendering the retracement level a profitable Entry Sell level.
Today's intraday Low of 0.8644 was below the 38.2% retracement level of the range from April 2001 through July 2011, rendering the retracement level a profitable Exit Buy level.
Looking at the Monthly chart below, we can see why we chose today's Exit Buy level of 0.8671, observing that it is the 38.2% retracement of the 2001 - 2011 range.
Downside price objectives include 0.8543 and 0.7945.
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