AUDUSD has been in a ranging market as the USD had been pushing itself. We are looking to go long on AUDUSD from the price level of 0.6310 which is the support level. The target will be persistant at the resistance level which could be our profit taking area.

The descending trendline is still far fetched and might be broken out for buys. After that, we still need to see the structure of the bullish momentum to continue its course.

There is no retracement level on this setup as the double bottom is being formed.

EMA 50 is tapping the price action but its not at the support level where we are going to take the long position. Therefore, we are still waiting for EMA 50 to make a confluence at the support level.

RSI is at 48. It needs to be in the over sold region for the purpose of alignment towards the upper side.

AUDUSD buys from 0.6310

Oct 25 2023

Stop Loss -0.40%

Holding time 3hr

0.63044

Entry price

0.62789

Stop loss price