Price is trading on strong support on the daily time frame (all though the candle has not closed) and hints at heading lower in the midst of the RBA Interest Rate Decision, announced by the Reserve Bank of Australia which is set to remain unchanged (Bullish). I will potentially be looking at entering soon on the 4-hour chart, although my preferred position would remain on the daily time frame if tomorrow's candle opens lower.
Thanks for the idea. If rates are unchanged and bullish then why will you short?
You have broken a level and also price is above your moving averages so this looks quite bullish to me or are you playing the pullback?
Clarity_FX
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Hi thanks for the comment! apologies, I was meant to say that if rates remain unchanged then it will indicate potential to be bearish. Yes price is above my moving average however, I am solely paying attention to strong areas of support and resistance. I set up an order at the 78.186 ahead of the interest rate decision.