informedtrades
Short

AUD Strength Persists, But Will Another Pullback to Enter Come?

FX:EURAUD   Euro Fx/Australian Dollar
70 0 1
I've got an order to go long AUDNZD             , and I see another opportunity to speculate on a bullish AUD against EUR (which is also showing some weakness). Here we see a downward sloping 50 SMA and 200 EMA, with the 50 below the 200, thus confirming a strong downtrend. Price has pulled back to resistance at 4373, but dropped quickly after doing so; I'm looking for another pullback to that level. My stop is just above at 4433, while my target profit is the swing low from early September. This is a wonderful reward/risk setup, in which I'm risking 60 pips to gain 565 pips; that equates to a reward/risk ratio of over 9.4.

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