AUDUSD has been in a bullish momentum since previous month. Right now, the market is at the support level where the price is 0.6650. This area is the structure for another bullish leg upwards. We will continue buying AUDUSD as the trend is bullish on H4 and the market has weak fundamentals on the USD.

The descending trendline has been broken out earlier for the buys and the market is continuing to move up. A lower timeframe breakout buy induced will be able to confirm the momentum upwards.

The retracement level of 61.8% is the level where the market can confluence with the support level.

The EMA 50 is bullish and the price action is blanketing the prices at the support level. Therefore, we will have another bullish confluence at the support level.

RSI is at 49. The moment market moves up from the 50 level, we will wait for the retest at the 50 level and then see the confluence of technical parameters to continue moving up.

Structural buys on AUDUSD

Dec 21 2022