AUD is showing some signs of strength on other pairs -- I just entered a long AUDUSD
order -- and so I was especially encouraged to see price retrace to support in an uptrend on AUDCAD
, and then to see bulls step into defend that level a bit more. We are also at the 50% Fibonacci retracement
from the recent swing low to swing high.
This setup involves entering at 1.0140 with a stop loss at 1.0110 and a target profit of 1.0335. This gives a very nice reward/risk of 6.5:1.