AUD/USD 4H Chart:
Reward to risk: Just to reiterate the risk profile, let's say we put in a buy order at 0.94 now. If this is triggered, the potential reward to 0.95 is 100 pips. If we put a stop at 0.9370, we have a risk of 30 pips, which make the reward to risk slightly better than 3:1.
If price fails to push back above 0.9420, an intra-session resistance, then the bullish outlook is in trouble. Then a break below 0.9380 should signal near-term bearish outlook toward the 0.9320-40 support area. This will be a key area defending a bullish trend in 2014 that has not yet been violated. A break below 0.9320 would be the first sign of price topping.
AUD/USD Daily Chart 7/28:
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