Looking to position ahead of tonights Australian inflation data which we expect to come in below expectations of 1.5% (yoy) in a similar manner to the recent New Zealand data. Given the data driven nature of this trade we are trading with a tight stop loss just above the previous candle wick high on 17th April.
Backing the entry of this trade is the long standing resistance around 1.07 that the market had turned lower from in the past few trading sessions in line with a declining buying volume which can be noted in our trading view chart work. We have taken a daily chart to highlight the turn over in stochastics as we look for the pair to head lower to 106 and potentially down to low 105 area should Aussie inflation disappoint overnight.
Good luck trading
from the Team at forexTrdr
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Trade active
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Trade running 45 pips profit and through take profit 2.
Stop loss set to take profit 1 level locking in profit