AUDUSD has been in a bearish trend and has broken the major support which needs to be retested as it has turned resistance. This retest of the resistance will be our short area priced at 0.6625. From this point onwards, we will be looking for shorts towards the support level of 0.6475. The market has formed lower lows and lower highs and will continue to form another lower low.

The descending trendline can be retested at the resistance level but that is dependent how fast the price action moves till there.

The retracement level of 38.6% is in confluence with the resistance level. Once the confluence is formed at the resistance, it will continune moving down.

EMA 50 is bearish and the market has the potential to continue moving down and may not retest the EMA 50 any further.

RSI is at 43, which is already an over sold region. We have to see RSI at the neutralized levels of 50 or even head above towards the over bought region, where the market will form a confluence for the downwards.

Still short on AUDUSD

Aug 08 2023

Take Profit +1.66%

Holding time 1d3hr

0.65988

Entry price

0.64891

Take profit price