I am still short AUD.USD from 1.0450 and have been watching the pair chop around by 50 pips on both sides for the past week. One negative development for the trade has been, while risk has sold off considerably, AUD.USD has held firm. This might be a sign of underlying strength relative to other risks.We have also formed a very big wedge on the hourly and it could break either way. Last week I was thinking about doubling up the size of the trade, but considering that August has been a bad month for me, I prefer to trade small the rest of the month. So I'll stay put for now. I'll be watching the pair closely to see what side of the wedge it breaks out from. If it breaks to the upside, I might wait for first pull back and close out position.
Open trades:
AUD.USD Short 1.0450 Target .9950 (will re-adjust later) Stop 1.0650
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