This trade had 4 factors of confluence and the next significant support at 0.7600, creating a potential profit of 2% thus aligning with our strategy.
After the RBA held off a Rate cut decision on Tuesday, the market acted with optimism, this enabled an important pullback to occur on the pair. Price found resistance at 0.7800, the 50EMA and also the 0.382 Fibonacci Retracement level. Wednesday confirmed this resistance with a "Spinning Top" doji, signalling indecision and a possible change in sentiment.
Todays candle confirmed the change in sentiment from Tuesdays optimism and triggered our entry.
The trade is currently 1% profit but we expect to remain in for more on this otherwise bullish pair.
Not withstanding any surprises from the NFP on Friday.
After the RBA held off a Rate cut decision on Tuesday, the market acted with optimism, this enabled an important pullback to occur on the pair. Price found resistance at 0.7800, the 50EMA and also the 0.382 Fibonacci Retracement level. Wednesday confirmed this resistance with a "Spinning Top" doji, signalling indecision and a possible change in sentiment.
Todays candle confirmed the change in sentiment from Tuesdays optimism and triggered our entry.
The trade is currently 1% profit but we expect to remain in for more on this otherwise bullish pair.
Not withstanding any surprises from the NFP on Friday.