FUNDAMENTAL:
- Negative data for AU today starting out the week with Building Approvals coming in around -8.1%
- RBA statement tomorrow, expected to stay the same at the moment, overall tone last month was still tilted bearish with the trade wars going on
TECHNICALS:
- Very bearish last week, expecting followthrough into this week
- Next major level of support is 0.6700, expecting that to be hit either this week or next with intraday targets based off fibs.
- H4-H1 still maintaining LH's
- Current setup is a retest of the counter trend line, head & shoulders, 89MA, and buyers exhaustion
- Risk is ~10 pips
- Negative data for AU today starting out the week with Building Approvals coming in around -8.1%
- RBA statement tomorrow, expected to stay the same at the moment, overall tone last month was still tilted bearish with the trade wars going on
TECHNICALS:
- Very bearish last week, expecting followthrough into this week
- Next major level of support is 0.6700, expecting that to be hit either this week or next with intraday targets based off fibs.
- H4-H1 still maintaining LH's
- Current setup is a retest of the counter trend line, head & shoulders, 89MA, and buyers exhaustion
- Risk is ~10 pips
Trade closed: stop reached
Mis-analyzed H1 structure...considered the area of resistance as noise rather than an actual break. We then had a 100% retest of our support giving us long opportunities. Could've also took the daily candles exhaustion more into account. Overall bias is still bearish
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.