The support level on AUDUSD is at 0.6610. This level needs to be respected for the pair to continue moving up. Its momentum is building for the long setup and we will thoroughly go long on the pair till the resistance, profiting us with 100 pips at the price of 0.6700. The trend is bearish but at this point in time, we can buy the pair from support to continue moving it up.

The descending trendline has broken out for buys earlier and the market is still validating the current scenario for the bullish impulse.

There is no retracement on the current time frame, therefore, we do not have any confluence.

The EMA 50 is still bearish with a steep curve downwards. We can book our profits at the retest of the EMA 50.

RSI is at 39. It needs to either fall below the 25 level benchmark of the over sold region or it has to tap above the 50 level, to pertain to the bullish momentum aligned with the overall bullish momentum, based on the price technicals.

AUDUSD tapping the support once again

May 23 2023