We’ve got a solid trading opportunity today with the release of the Australian employment data. To me the most natural trade is GBPAUD since GBPUSD has the clearest ‘downward’ sentiment. Strong AUD data should see GBPAUD slide lower and it comes at the right time with GBPAUD just at the end of a short term rally back towards 1.7750. So it’s ready to go down!
Current Technicals: Down
Hourly Resistance: 1.7835
Hourly Support: 1.7700 (Weak – 2 touches only)
GBPAUD HOURLY CHART – Current Price 1.7735
Current Fundamentals: Down
Central Bank Sentiment: Neutral
Geopolitical Impact: Down
Upcoming Potential Fundamental Drivers
I’m looking to get short on strong AUD employment data. If the Unemployment rate is ≤5.1% I’ll get short GBPAUD.
The trade is not ideal because the pair is currently in the middle of a bigger range so the trade size will be smaller!
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