The pair is in an ascending trend channel.
There is a smaller wedge created in the channel.
AUDUSD has bounced off the trendline and the 50 SMA.
19pip TP, 10pip SL.
Pair has possibilities to break the wedge and push further up.
On the Daily chart, 200 SMA suggests the pair is bearish.
On this 1hr chart, the pair has broken an ascending trendline and has broken a 50 SMA level.
Wait for a retest of either the trendline or the 50 SMA and then enter.
Only enter once you see some sort of bounce off the trendline or 50 SMA.
1:3 risk to reward ratio.
Possible sell opportunity. Purple zone highlights where the 200 SMA level is on the 4hr chart and this pair has broken and retested that level. Push to the downside for 100+ pips and could possibly drop further.
Starting 2020 with a possible sell on AUDUSD @0.7015.
TP 1 0.6940
TP 2 0.6880
December was trending upwards. Possible reversal for the month of January. 4HR doji candle formed and an evening candle followed, indicating a reversal.