Now I've been waiting for the Aussie to return to the 0.74 psychological level since last month and due to non farms it seems we've made it there quicker than expected. Look left and you can see why this level has some structural significance, so even if we break this level and I get stopped out, I still think there is opportunity for a breakout trade to the upside.
I'll be shorting due to a bat pattern completion which lines up with a supply zone. There is also added confluence from the 200EMA potentially acting as resistance and also the 38.2 fib level.
The great 10:1 risk reward ratio also makes this trade irresistible.
I'll be shorting due to a bat pattern completion which lines up with a supply zone. There is also added confluence from the 200EMA potentially acting as resistance and also the 38.2 fib level.
The great 10:1 risk reward ratio also makes this trade irresistible.