After such a large monthly move down on the aussie we are expecting a bounce and looking to enter on a pullback of the current short term up move at 0.7215 ( area shaded yellow ) which acted as both support and resistance in the past. S/L ( area shaded blue )placed under previous support at 0.7205 and TP at the round number mark of 0.7300. Gives a risk reward ratio of around 8 R. For those who may not want to wait for a pullback if and when it happens then an entry at 0.7230 could be considered with the same s/l and tp. This would still allow a potential risk reward of 2.8R.
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