AUDUSD has exhausted its bearish momentum and has started to form its first layer of higher highs and higher lows. At the support level of higher low at the price point of 0.6560, we will be looking for buys to go bullish on the pair. The descending trendline is also tapping the price action to retest the support level. The ascending trendline might retest the price action to confluence with the structure.

The retracement level of 61.8% is in confluence with the support level and can make the market take off.

EMA 50 is still bearish and tried breaking out for buys. Once the market reverses, it can continue moving upwards breaking the EMA 50.

RSI is at 46. It needs to dwell towards the over sold region where market can form a bullish divergence to confluence with the technical factors.

AUDUSD 0.6560 buys

Jan 24 2024