AUDGBP Future LONG @ ~0.50000
AUDGBP turned around dramatically at 0.50000 as there was obviously demand in that area.
The question is, how strong is this zone? Is it strong enough to take another bout of supply? Will it rally again?
The recent down trend has wiped out all intermediate demand and formed new supply areas to watch out for on the way up.
If this works out, reward is anywhere between 30 to 80 pips for a risk of 10, equating to a R/R of between 3:1 and 8:1.
The question is, how strong is this zone? Is it strong enough to take another bout of supply? Will it rally again?
The recent down trend has wiped out all intermediate demand and formed new supply areas to watch out for on the way up.
If this works out, reward is anywhere between 30 to 80 pips for a risk of 10, equating to a R/R of between 3:1 and 8:1.