Since we already have a signal trading AUD/xxx, I don't want to over expose y'all to the Aussie, however, I will be taking the risk for this trade as of now.
Taking a look at the bigger picture, we can see a clear from , with a continuation of the Aussie Dollar ( AXY ) from Jan 18'. **What I want you to note when doing your top-down analysis, is the price 0.715.** This is an institutional level. What happens around these prices can be either of 3 things, consolidation, manipulation, or a hard rejection. Today I'm taking the bet (by looking at the two 4-hr candles that pierced and failed to hold above 0.715) that is looking to turn to the downside.
Risk-reward for this trade is not on par for our normal setups/signals at 1:1.07 to our daily target of 0.708
**Please take this trade at your own will; there is no entry being provided but price at the time of writing this is 0.7133
TP1: 0.708 (+53 pips)
TP2: 0.7 (+132 pips)
SL: Above 0.71734 (-40 pips)**