AUDUSD has been in a bullish trend with the formation of higher highs and higher lows. The market has broken out of the previous resistance which has now truned support. This support stands at the previous high of the market. We will wait for the retest of this support before we go long on AUDUSD. 

The descending trendline has induced the bullish breakout buy and the candles have validated its accuracy. Apart form that, there is a support trendline forming which might be retested at the support level from where it can continue moving up.

The retracement level of 61.8% is in confluence with the support level. This gives a strong foothold for the market to continue moving up.

EMA 50 is super bullish. It means the market will continue moving up until the EMA 50 steepens 

RSI is at 65. This is at the bullish region and market needs to neutralize at the 50 level. This level will be engaged with other technicals on the price.

AUDUSD bullish breakout buy

Dec 01 2022