AUDUSD is at 0.6600, which is the support level. AUDUSD is in a bullish trend and is in a higher high and higher low formation. We will be looking at the support level to go long. From there on, we will target the resistance level. The price action is forming a bullish price action, with bullish engulfing. 

The descending trendline has broken out for buys and has been validated. The lower time frame has also induced the breakout buy which means, the confirmation has been validated.

The retracement level of 61.8% is in confluence with the support level. This confluence is strong, given that the retracement has a higher time frame. 

EMA 50 is in a bearish direction, but it has a potential has to breakout towards the upside.

RSI is at 48. It needs to dwell into the over sold region. Here, we will look at the bullish divergence for the continuation up.

AUDUSD flooring at the support level

May 03 2023