Price reacting to a zone and rejecting the zone looking for a break and retest. We have a trend line obstruction that we’ll need to break through. This downward move comes from a rejection of a channel on the daily. The first move I see is the continuation downward until we get to the weekly zone which will be difficult to break through.
My entry for a buy would come after a clean break through the yellow box and a retest between 1.58162 - 1.5832 (SELL) Tp1: 1.58011 Tp2: 1.57833 Tp3: 1.57571 Tp4: 1.57251
If price pushes up and rejects near the trend line, which I see reacting to price near 1.58923 (SELL) Tp: 1.58463 Tp: 1.58653 Tp: 1.58011 Tp: 1.57833 Tp: 1.57571 Tp: 1.57251
If we see price push up we’ll target the trend line as the move and break through the yellow box and a retest between 1.58162 - 1.5832 (BUY) Tp:1.58522 Tp:1.58748 Tp: 1.58923
Consider the news tomorrow evening on AUD at 7:30pm est if the setup have not reacted by then.