The Currency pair is trading in a parallel rising channel, in which we are seeing HH and LH which suggest an uptrend, yet we have not a proper confirmation to the current move.

A Bullish Engulfing Pattern has been seen near the trendline which has given a confirmation for the buy side, we will wait for the pair to close above the EMA so that we get another confirmation for buying.

Volume has been strong on the recent bar which is also suggesting a buy. We will wait for the RSI to cross over 53 which can give another confirmation. If the pairs trade above the ICHIMOKU CLOUD we will get another confirmation

Advice : Buy if above mentioned conditions are met.

AUD/USD

Nov 13 2021