Looking for a breakout to go short.
As mentioned in the description if the price can move below and close below 0.7350 then i think the price has potential for another big down move. The price has just broken out of the box range (highlighted in yellow) but has stalled a little since then. The RBA has also said in its latest statement that they would like to see the currency depreciate further. I have a longer term price target of 0.6337. My stop loss is set just above recent daily highs at 0.75023. This trade has great risk vs reward. But important to remember to wait for a close below 0.7350.
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