AUDUSD is at 0.6600. This is a premium support level from where we can expect a good bounce. Market took a toll towards the bearish side, forming a bearish trend and lower lows and lower highs. This bullish trend is merely a retracement trade which we are going to undertake, till the next resistance retest. 

The market has formed an open channel formation. It has neither retested the support trendline, nor has it broken out from the resistance trendline. Therefore, currently, we cannot confirm to the bullish side until the market breaks out from the trendline.

The retracement level is in confluence with the support level. The 75% is in confluence with the support level.

EMA 50 is bearish and it will act as our profit target at the retest.

RSI is at 29, which is almost the over sold region. This region needs to form a bullish divergence in accordance with the technical analysis. 

AUDUSD is at premium support

Jun 28 2023

Stop Loss -0.60%

Holding time 10hr

0.65951

Entry price

0.65558

Stop loss price