informedtrades
Long

Potential Accumulation Forming on AUDUSD

FX:AUDUSD   Australian Dollar/U.S. Dollar
200 0 2
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.

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