price is trending down on this 8 hour time frame and confirmed by higher time frames. Price has formed a bearish pin bar on recent retrace. Price retraced to recent support, reached 50% fibonnaci and 8 and 21 period moving averages line up. market order placed as shown, stop loss placed well beyond previous support and profit target is placed at previous resistance area . Risk to reward is 1:2.
Trade closed: stop reached:
stop loss trigger, price reacted to AUD CPI news release.