AUDUSD is bottoming out at the double bottom support level. This support level needs to provide a reactionary price action in form of bullish candle or a pinbar which will enable us to determine the bullish position forming. Apart from this, AUDUSD has been super bearish. But the fact remains that the market dropped towards the support level and then halted. We will be looking to target the next resistance level in this setup.

EMA 50 is still bearish and the profit target can be determined with the EMA 50 retest.

RSI is at 38, just 13 points above the over sold region. If market falls below the 25 level and forms a bullish divergence at the support level drawn, we will have a super solid bullish setup. Right now, the oscilaltor is forming a bullish divergence with the price action.

AUDUSD stacks

Sep 19 2022