AUDUSD is at a premium level of confluence of support, priced at 0.6770. This area of support is being tested at a bullish trend and a structure forming higher highs and higher lows. Once we see a bounce off this support, we can target the next resistance at 0.6873. 

The ascending trendline has broken out for sells. But as the structure remains intact with the bullish scenario, we will not look for sells until it breaks the support level.

The retracement level of 61.8% is in confluence with the support level. This confluence will form a strong foothold for the bullish move up.

EMA 50 is also retesting the market at the support level, therefore, forming a 3 factor confluence on it.

RSI is at 40 right now. It needs to go above the 50 level mark or dwell into the over sold region, where it can form a bullish divergence and continue moving up.

AUDUSD at a premium level

Jun 20 2023