AUDUSD is at 0.6470 which is the support level and has formed double bottom. There is a potential for the market to continue its mark up towards the resistance level which is priced at 0.6600. This is the profit target we are looking at. It should be noted that the AUDUSD pair is formed in a bearish trend with the formation of lower lows and lower highs. This long position is just another counter trend trade which needs to fulfill its liquidity at the resistance.

The descending trendline is still pending for the breakout buy in order to continue moving up.

There is no retracement level currently on this setup. 

EMA 50 is bearish and the has to break towards the upper side in order to breakout from it and then continue moving up.

RSI is at 39. It needs to drop towards the over sold region at the level of 25. From here, it will form a bullish divergence. Along with the technical elements.

AUDUSD at support with double bottom

Aug 15 2023

Stop Loss -0.61%

Holding time 11hr

0.64816

Entry price

0.64419

Stop loss price