The trend in the pair is still to the downside nothing has changed and we want to be selling every rally that failed at a significant level. We saw price broke the 0.7279 on Thursday but immediately sold off coming back below the 0.7279.
Our trade here is easy, firstly we have a direction which is to sell, also we have a gift and a significant point lying on each other.
A high probability entry is:
- a break of the gift to the downside
- a trade below the significant point 0.7279
When these two scenarios occur, we are expecting lower prices in the aussie and a continuation to the downside. The first area we will target to this trade is 0.7096 which is the immediate low of this current move.
We are only going to entertain any buying opportunity above the 0.7382.
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GLT and Trade with care.
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