On the , there’s room for the sellers to extend as far south as the 2018 yearly opening level at 0.7801. Daily price on the other hand, remains within the lower limits of a daily at 0.7897-0.7870 but does look incredibly vulnerable at this point.
Potential trading zones:
Judging by the weakness seen within the daily , and room to press lower seen on the , a short on any solid retest seen at 0.79 on the H4 timeframe (see arrows) could be an option today, targeting the H4 mid-level support at 0.7850, followed closely by daily demand at 0.7807-0.7841 (the next downside target on the daily scale beyond the current daily ) and then weekly support at 0.7801.
Data points to consider: . Retail sales m/m and trade balance at 12.30am; RBA statement and cash rate at 3.30am GMT .