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Audusdshortsetup

AUDUSD Short Position (4Hr Timeframe)-4Hr: Retest of support line with bullish momentum towards resistance which I feel will retest and gain bearish momentum upon the interest rate decision -Daily: retest of support line - RBA governor Philip Lowe indicated in July that interest rates were likely to remain on hold for a while as Australians grappled with rising household debt, stubbornly weak inflation, and slow wage growth. - If the RBA is hawkish about the inflationary outlook of the economy and rises the interest rates it is positive, or bullish, for the AUD. Likewise, if the RBA has a dovish view on the Australian economy and keeps the ongoing interest rate, or cuts the interest rate it is seen as negative, or bearish.
Short
by TarbzFX
AUDUSD Short Setup @ 0.7590I'm expecting a short-term correction on USD, which may pull AU back to areas of previous support. AU has been ranging within an ascending wedge for quite some time, so I'm targeting the bottom of this wedge as a tp. The target sell zone is between 0.7550 and 0.7590. These are my entry, sl, and tp targets: Entry Sell: 0.75900 Stop Loss: 0.77550 Take Profit: 0.73025 Regarding the poor risk/reward ratio- I'm planning on opening a small position at 0.75900, then averaging out with more shorts if the price continues to climb toward the upper trendline. I'd think 0.7680 would be a safe SL, but you never know what can happen in terms of fundamentals. My take profit is above the trendline and 0.786 fib. I may enter at a position earlier than my stated target, depending on the status of RSI and EMAs. If so, I'll update this accordingly. Thanks for checking out my idea!
Short
by Zedro