AUDUSD is in a strong bullish trend with the formations of higher highs and higher lows. The price at the support is at 0.6940. 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. We will be closely monitoring for the bullish formation at the support level.

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 58, which is the bullish region. We need to wait for the market to neutralize at the 50 level, in confluence with the technical chart where the support is. 

AUDUSD plays amidst the range

Jan 24 2023