AUDUSD has broken out from the resistance level and is now retesting the resistance turn support. We will be taking this position as the trend is bullish and the market has formed higher highs and higher lows. We anticipate another higher high with the impulse bullish wave.

The descending trendline is slanted and has induced the breakout buy and is now being retested. 

There is no retracement indication of this pair. 

EMA 50 is bullish and market has yet to retest the EMA 50. Apparently, it does not seem that the market will be holding on to the retest of this EMA 50.

RSI is at 58. This should be neutralized at the level of 50 in order for the market to continue moving up aligned with the technical factors on the chart. 

AUDUSD is a mere breakout and retest setup in this case. We do not have multiple technical factors to confirm the setup.

AUDUSD breakout and retest

Jan 10 2023