I am currently practising on a demo account for educational purpose.
I shorted the AUDUSD pair on Oct 6, just after the interest rate release by Australia, but did a bit late and the price moved up. I am stuck in this trade and want to minimize my loss, as the cash is tied up. The executed price was 0.8745 and for 10 units. Now the price is around 0.8848. Its showing a loss. Now in order to unwind this position do I buy 10 units of AUDUSD or can I hedge it with some other currency pair.
Also the Australian employment report is due tomorrow, what should be my strategy?
Looking insights from experienced traders
Thanks