AUDUSD if forming a bullish trend with the higher highs and higher lows in order. Market is in a range on the outlook. We see that the pair has formed a minor support at the price of 0.6920. This support level is where we will be looking to go long on the pair given we see a bullish pinbar formation. 

The descending trendline has broken out for buys and the market is on the verge of validating the price action of the open and close above the trendline. That being said, we will have a confirmation towards the bullish side once the trendline is broken for buys.

There is no retracement condition on this setup as we only adhere to the major retracement levels of 61.8% and 75%. 

EMA is at the verge of being retested at the resistance.. This retest can only counter the bullish momentum temperorily till the support is held. Therefore, we anticipate the momentum breaking the EMA 50. 

RSI is at 52. Market needs to dwell towards the over sold region and form a bullish divergence in convergence with the charts holding the support level. This will give us a solid confluence to hold on to.

AUDUSD not buying at resistance

Feb 09 2023