AUDUSD is in a strong bullish trend with the formations of higher highs and higher lows. The price at the support is at 0.6880. This is the level where we will be looking to go long once the price action has shown us the bullish sentiment or pressure with the candlesticks.

The ascending trendline has been retested once but once it retests another time, we will have a confluence with the support level along with the trendline to fulfill the orders.

The retracement level of 61.8% is in confluence with the support level where the market may bounce heavily from the level. 

EMA 50 is still bullish and might retest the market at the support region, where the market is already forming a level of confluence of multiple technical parameters.

RSI is at 49. It needs to head down towards the over sold region. In this region, we will be needing to see some sort of a bullish divergence. This divergence will be formed at the technical support area which is few pips below from where the current market prices are hovering.

AUDUSD retest at the support

Jan 20 2023

Take Profit +1.72%

Holding time 1d18hr

0.68772

Entry price

0.69958

Take profit price