lOn an hourly time frame, AUDUSD
has been in down trend. On 21st Jan at 15:00 the price crossed the 200 ema
. This shows that its getting ready to start an up trend. Last night before market closed, it touched the 20 ema
and nearly touched the 40 ema
(20) is already at the oversold. We expect the price to continue in the uptrend, this is just a pullback. Pullbacks can really make you money. Volumes are really low and the candles are narrow so if this continues in the next few candles I will be looking forward in taking a long position
targeting 30 pips and stop of 15 pips. Let's wait and see what the market decides.