informedtrades
Long

GBPAUD Pulls Back to Support

FX:GBPAUD   British Pound/Australian Dollar
23 0 0
GBPAUD             pulls back to the 50 SMA , and to the 50% Fibonacci retracement from a recent swing low to swing high. Price is also above the 200 EMA. I found these factors, as well as the general behavior of the candlesticks on the daily and 4 hour timeframes, enough to warrant taking the risk here to put on a trade. I'm set to go long at 8020, with my stop at 7970 and my target profit at 8300. I'm risking 50 pips to gain 280, for a reward/risk of 5.6.

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