Technical :
1.The market hit the bearish channels seen in 4H chart alongside with 200SMA in 4H chart acting as key resistance at 0.7360 area.
2. Price structure is likely to be forming a gartley (AB = CD) kinds of corrective moves as the 1H chart shows.
Fundamental:
1. Reserve Bank of Australia still wants to see the AUD price lower stating in its latest RBA meeting minutes that the higher $AUD could complicate the economy.
Trade ideas:
Short at current market price,
S/L : 0.7330
T/P 1: 0.7250
T/P 2: 0.7220
1.The market hit the bearish channels seen in 4H chart alongside with 200SMA in 4H chart acting as key resistance at 0.7360 area.
2. Price structure is likely to be forming a gartley (AB = CD) kinds of corrective moves as the 1H chart shows.
Fundamental:
1. Reserve Bank of Australia still wants to see the AUD price lower stating in its latest RBA meeting minutes that the higher $AUD could complicate the economy.
Trade ideas:
Short at current market price,
S/L : 0.7330
T/P 1: 0.7250
T/P 2: 0.7220
