Price is at the 200 EMA
and the 50 SMA
, a level that also happens to be a support level
established previously -- most recently in early April
. At this confluence level, we are seeing rangebound price action developing. I'm viewing this as a sign that accumulation could now be occurring once again on AUDUSD
. As such, I've put an order to go long at 9215, with my stop at 9160 and my target profit at 9428. I'm risking 55 pips to gain 213, which gives me a reward/risk ratio of about 3.87.