GPBAUD Spike Trade Rejection or Break

These spikes are starting to show strong rejection. There is a trend line bringing the price up, and with a change in the head of the Reserve Bank of Australia, anything could happen. The blue rectangle represents the unknown zone. I would suggest targeting the short term short, and put your stop loss at the top of the blue rectangle. If the price closes above the rectangle, close the short, and go long, otherwise, stay short and target those 100 pips. If price breaks the blue rectangle, it will easily cover your loss on the short position and still give you profit. There should be profits either way.

Comment:

If it climbs 20 more pips and closes, then buy

Comment:

Still in the green. I would put a close order where the bottom of the previous hours wick touched

Comment:

If price closes below 1.958, we should be in for a drop further than where my original target was placed