Potential Accumulation Forming on AUDUSD

Price is at the 200 EMA and the 50 SMA, a level that also happens to be a support level established previously -- most recently in early April. At this confluence level, we are seeing rangebound price action developing. I'm viewing this as a sign that accumulation could now be occurring once again on AUDUSD. As such, I've put an order to go long at 9215, with my stop at 9160 and my target profit at 9428. I'm risking 55 pips to gain 213, which gives me a reward/risk ratio of about 3.87.

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