2 weeks ago price closed just below the upper from 24/7 and 5/2 with a followed by a candle.
is showing no trend so use of the Stochastics indicates overbought levels with divergence, further supporting this trade.
I have personally taken a short position @ 1.052 with a stop @ 1.064 which is above the 3 week high and resistance.
My target is @ 1.028 where we have 20,50,100 confluence providing a R/R of 1:1.85
Second and Third targets would be at parity and the lower respectively.
Thanks, I covered the majority of my position after data from Australia missed this morning but am still holding a small short from 1.052 with my stop moved to 1.045. I'm now looking at the aussie crosses as I'm waiting to see what comes out of Jackson Hole first to minimise risk.
Good luck! Hope you make your target. 😊
Fundamentally I like this trade as data from China and Australia has been weak but try to reduce my positions over the weekend.