AUDUSD is currently enjoying a nice uptrend on the daily chart. On the hourly today there has been a 50% pullback of the last impulsive move to the upside, and formed a swing low on the former resistance trendline. It has already moved 110% of the ATR today so I am setting a stop at 0.644 with a target 0.673, the monthly R1. This gives a decent Risk:Reward of 1:4.5
If you have any ideas supporting or on the contrary to my opinion please leave a comment.