EURAUD Short Scenario

• Entry - In the supply zone
  
• Target - 1.45680
  
• Invalidation - 1.48820
  
• Risk to reward ratio - 8
  
  Technical confirmations
• Full cycle of Elliot wave impulsive part is done and now the corrective part(ABC) needs to be finished towards C. Price has reached the supply zone forming the B wave.
  
  Technical confirmations
• Unemployment report in Australia comes on Thursday. The market consensus stands at 35.0 thousand for August, which would be a huge rebound after the -40.9 thousand reading in July.
  
• Australian GDP grew by 0.2 percent in Q2 2022, from 0.7 to 0.9.