Earlier, we took a short on AUDUSD and incurred a loss. Now, I have changed my bias and I am looking towards the higher side with a bullish trend and direction. The formation of the trend has incurred the higher highs and flat low on the pair and we are looking to go long on a minor support level formed at the price of 0.6330. This is the level for our longs. 

The descending trendline still needs to make for the braekout buy which is pended and has yet to do it. We will continue to monitor the breakout buy. On the other hand, we have the ascending trendline which might be filled at the retest of the pair.

The retracement level of 61.8% is in perfect confluence with the support level and will take a bounce once this price level is achieved.

EMA 50 is bullish right now where we can see the price piercing right through it. The EMA 50 is still ranging and might have a parabolic impact on the support level once we take the longs.

RSI is at 53. It needs to dwell into the over sold region where it can form a bullish divergence in line with the technical factor.

Busted on previous AUDUSD setup

Oct 18 2023