AUDUSD is ranging right now after a mark down from its previous high. Market is managing to go bullish with the support level held. It is yet to form a higher high and higher low which would introduce a bullish trend on the pair. Market has to drop towards the stop hunt level from where it can push up massively. Market has formed a double bottom at the support level, which can push the market up beyond the range.

The descending trendline has broken out for buys and has been validated by the H4 price action. The support trendline has the potential to retest at the support level from where it can continue pushing up.

The retracement level of 75 is in confluence with the support area from where market can level up.

EMA 50 it touching the prices at the moment. If market breaks out from the EMA 50, we have a

resistance. Once the EMA 50 turns bullish above the resistance level, it will be a sign of a bullish sign and to go up.

RSI is at 32, near about the over sold region. It needs to fall towards the over sold region and form a bullish divergence from where, it can continue moving up towards the higher side.

AUDUSD formed a double bottom

Feb 22 2023