AUDUSD 1HR SHORT

Jun 18, 2019

ENTRY AT 0.6850 ON 20SMA

I like this key level which is also resistance for entry. If price is not able to break this level then the previous low is likely to be retested.

This is a high probability trade as the narrative for AUD is bearish , sellers have momentum after the RBA minutes today. For this trade to work out price only has to go where it has gone before. There is no data today, and in this low volatility environment, I think that technicals will chug along nicely and enable a few easy pips to be grabbed.

TAKE PROFIT AT 0.6833 a few pips before the previous low. (17 PIPS PROFIT)

STOP LOSS - I will look at closing out on a break above 0.6850 level