AUDUSD has tapped the support level and has established the double bottom on the support, given the price of 0.6640. With this price point, market is now ranging from resistance to support and has the potential to continue moving up. We will be taking a long position from the support once the market prints a bullish price action confirmaion. Overall, on the higher time frames, the market is still ranging and we need to benefit from the intraday moves on the pair.

The descending trendline has broken out for buys and has validated the price action confirmation, given the fact, the bullish candle broke out with full bullish pressure.

There is no retracement in this current setup.

EMA 50 is still bearish and it can be formed as our profit target market once the market starts to print bullish.

RSI is at 46. It needs to re fuel at the over sold area, where the prices will be testing the support level. Once the RSI is at 25, and market at support, it will be a good decision to go long with the confluence.

AUDUSD breakout buy

May 17 2023