AUDUSD is in a bullish momentum and trend, forming higher highs and higher lows. The market is factuating towards the upper side towards the resistance level where we can easily target 100 pips on the pair. We had AUDUSD buys earlier on the pair from the support level. This needs to be certain to continue moving up. The price at the support level is 0.6630.

The descending trendline is still above the price action and needs to be broken out for a solid breakout buy, to confirm the bullish move.

There is no retracement on this position.

EMA 50 is just tapping the top of the price action. There is a high chance that during the procession of breakout buy from the EMA 50, market will have multiple confluences for the breakout buy.

RSI is at 55. It needs to neutralize at the level of 50 in order to align with the technical factors to continue moving up.

Buys from support on AUDUSD

Jul 28 2023