AUDUSD has broken out of a trendline and is now retesting the support from where, it can head up towards the resistance level. The price at the support level is at 0.6630, which will need to be pushed up from here. That being said, the trend is bullish and the market is forming higher highs and higher lows and the trend is now bullish.

The descending trendline has broken out for buys and the price action has validated the breakout by opening and closing above. On H1, we see another descending trendline forming and on the verge of bullish breakout buy.

The retracement level is at 61.8% and is in confluence with the support level. This will act as a catalyst impact for the upward move.

EMA 50 is also bullish and is due for a retest at the support level. If the EMA 50 is retested, we will have a strong confluence for the long position.

RSI is at 51. It needs to be neutralized at the level of 50 in order to continue moving up aligned with the technical parameters. In this scenario, we believe, we will see the market drop towards the over sold region as to align with the technical factors.

Another bullish take on AUDUSD

Mar 28 2023