The Aussie bliss continues with a new prime-minister being sworn in, the 5th in the last 5 years. This marathon* that lasts for more than a decade is a tale of a third-world country rather than an OECD member. It is said that there are more people on the streets than there were in the last 60 years. The interest rate is at a record low but borrowing costs are growing. The only country to avoid recession might be the last one to enter it. Is the economy really in shape and inflation rate within limits?
Indicators are well known to present a technical reality of PA but algorithms for successful entries are part of a larger system that includes unsuccessful endings. The price, however, is in a channel headed downwards on the daily chart, it reached a key support trendline and certainly has to game it some more. The bottom of the 0.70s was not reached yet and who knows maybe that is our chance at making some money out of shorting. The other objective is as clear, entering the market at one of the channel's limits. Lastly, keep an eye on MACD, the daily chart is in serious bullish divergence.
Trade closed manually
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The pair might leave the current downtrend channel. (daily chart)