Looking to position ahead of tonights Australian data which we expect to come in below expectations of 1.5% (yoy) in a similar manner to the recent New Zealand data. Given the data driven nature of this trade we are trading with a tight stop loss just above the previous candle wick high on 17th April.
Backing the entry of this trade is the long standing resistance around 1.07 that the market had turned lower from in the past few trading sessions in line with a declining buying which can be noted in our trading view chart work. We have taken a to highlight the turn over in stochastics as we look for the pair to head lower to 106 and potentially down to low 105 area should Aussie disappoint overnight.
Good luck trading
from the Team at forexTrdr
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Stop loss set to take profit 1 level locking in profit