AUDUSD has bottomed out by tapping the support level and forming a double bottom. Earlier, it was in a bearish sentiment and move. But after tapping the support level, it has the capacity to continue moving up. Right now its retesting the resistance level. Therefore, we need to be aware of the retracement level at the candle of the bullish move. From there, we will take the long position.

The descending trendline is on the verge of breaking out but is still far away from the market price. We will get a confirmation once the trendline has broken out.

There is no retracement level on this pair.

EMA 50 is still bearish and has the potential to retest it, where we can set the profit target for it. The EMA 50 still represents the bearish sentiment.

RSI is at 47. It needs to fall towards the over sold region. Where we can buy and align with the price action.

AUDUSD needs retracement at 0.6515

May 30 2023