The AUDUSD has started to gallop towards the bullish side, continuing its impulse moves towards the higher highs and higher lows. It just broke the resistance level which now has turned into a support level. The price of this level is 0.6625. This support level will act as a trigger to throw the market up towards the next resistance.

The ascending trendline is the one which might be retested at the support level and might retest or reject it for the continuation upwards. 

There is no retracement setup on this pair.

The EMA 50 is still bullish and the market has the potential to retest it at the support level, ultimately forming various confluence with the trendline as well.

RSI is at 67. This needs to be neutralized at the level of 50, where the market is at support on the technical side and we see a RSI at the over sold region.

Breakout and retest on the resistance now turn support

Jun 06 2023