AUDUSD 5:1 R2R Trade Idea

21 eneWith everything going on, I'm looking to enter at 0.6585 with a stop loss just below the last 4hr candle's low. I do have a target set at 0.6678 giving this trade idea a 5:1 risk-2-reward.

Reasons why I like this trade include:

1. Economic Calendar forecasts this week are for negative US data
2. Technically on the 4hr, RSI closed above 50 following a hammer + bullish engulfing.
3. Last week equity market closed for the week at all time highs once again. I believe we may see some further bullish strength this week in equities which could add some strength to the risk-on currency pairs such as the AUD, CAD, & NZD.