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
Trade closed: stop reached
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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.