FUNDAMENTAL:
- Negative data for AU today starting out the week with Building Approvals coming in around -8.1%
- RBA statement tomorrow, expected to stay the same at the moment, overall tone last month was still tilted bearish with the trade wars going on
TECHNICALS:
- Very bearish last week, expecting followthrough into this week
- Next major level of support is 0.6700, expecting that to be hit either this week or next with intraday targets based off fibs.
- H4-H1 still maintaining LH's
- Current setup is a retest of the counter trend line, head & shoulders, 89MA, and buyers exhaustion
- Risk is ~10 pips
- Negative data for AU today starting out the week with Building Approvals coming in around -8.1%
- RBA statement tomorrow, expected to stay the same at the moment, overall tone last month was still tilted bearish with the trade wars going on
TECHNICALS:
- Very bearish last week, expecting followthrough into this week
- Next major level of support is 0.6700, expecting that to be hit either this week or next with intraday targets based off fibs.
- H4-H1 still maintaining LH's
- Current setup is a retest of the counter trend line, head & shoulders, 89MA, and buyers exhaustion
- Risk is ~10 pips
Trade closed: stop reached:
Mis-analyzed H1 structure...considered the area of resistance as noise rather than an actual break. We then had a 100% retest of our support giving us long opportunities. Could've also took the daily candles exhaustion more into account.
Overall bias is still bearish
Overall bias is still bearish