informedtrades
Long

AUDCAD Pulls Back to Confluence Level in Uptrend

FX:AUDCAD   Australian Dollar/Canadian Dollar
AUDCAD             is in the midst of an uptrend, but has recently pulled back to a level denoted by a confluence of indicators: the 50 SMA , a 61.8% Fibonacci retracement level from a swing low to swing high, and a previously established horizontal support level have all convened. As such, I'm entering a trade to go long in the direction of the primary trend. My entry is at 0153, my stop is at 0094, and my target profit is 0335. I'm risking 59 pips to gain 182, giving me a reward/risk of just over 3:1.

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