informedtrades
Long

Doji Off Support on GBPAUD; Time to Go Long

FX:GBPAUD   British Pound/Australian Dollar
17 0 0
A doji is forming off horizontal support coinciding with the bottom trendline of an upwards channel on GBPAUD             . We're also at a 61.8% Fibonacci retracement from the recent swing high to swing low, and are just below the 50 SMA . All these factors suggest to me the prescence of a turning point. As such, I put in an order to go long at 7990 with my stop at 7920. My target profit is 1.83, giving me a reward/risk of 4.42.

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