AUDUSD in a strong bullish trend with the formation of higher highs and higher lows. This formation is continuing towards the upside where we have marked the profit target area. Apart from this, we see slight retracement towards the resistance turn support area, priced at 0.6070. We also see a double bottom forming at this region from where we will go long on the pair. 

Apart from this, there is no trendline indiciation other than the resistance trendline breakout out for buys and having a pending retest, which we might see at the support level. This will give us an additional confluence.

The retracement area has no indication as the market is in a strong bullish flow and we are going to hop on to the train based on the bullish momentum.

The EMA 50 is also bullish and is getting steeper into the bullish angle. Earlier, it was a flat curve. Now as its turning into a steeper one, we evaluate the strength of the bullish momentum forming.

RSI is at 70. This needs to be neutralized at the support level in order for us to get long on the position. This support needs to be tested at prices and with the RSI being at the 50 level, the chances for the pull up would be strong.

AUDUSD simple breakout and retest

Aug 11 2022

Stop Loss -0.65%

Holding time 4hr

0.70600

Entry price

0.70140

Stop loss price

1