AUDUSD has started its bullish trend forming higher highs and higher lows, in essence to the support level formed at the price point of 0.6400. Once market drops to this level, we will wait for the candlestick formation of the bullish side in order to take the long position and continue with the position till it forms another higher highs.

The descending trendline has been broken out for buys and the market has validated this confirmation. We will look for a shorter time frame bullish breakout buy in order to align with the structure.

The retracement level for this current market setup conforms to the level of 61.8%, which will be in confluence with the support level.

EMA 50 is bullish and has broken out for buys. We might see a pullback on the pair towards the support level where it can retest the EMA 50 as well.

RSI is at 47. It needs to be neutralized at the 50 level in order to form another short sell from the neutralized level.

Another stacks on AUDUSD

Nov 09 2022