AUD/NZD Long by monstapips

Long or Short: Long

Entry Point: Long at 1.2220
Stop Loss: 1.2120
Profit Target: 1.2600
Risk Ratio: 380:80 or 4.75:1
Risk involved: 1%

Rationale:
Mostly a technical setup. Bought at 1.2200 area, as it held strongly as support in the past. Also see a bullish marubozu candle on the daily and bullish divergence.