In the previous analysis, I expected AU to once again reject the 0.78 key resistance zone as I noticed majority was chasing the buys with RSI extreme overbought condition as an additional confluence, which was exactly what the market performed. In today's trading session, I will be focusing on short-term buying opportunities. There are two scenarios that I am looking at
1. As I noticed that the bullish momentum is still relatively strong, judging from the way buyers attempt to breach the 0.78 resistance zone. I expect another pullback push to re-test 0.78 zone. Avoid any breakout setup unless 0.78 zone is clearly breached (Bullish)
2. If we notice sellers trying to push AU lower, that could send AU towards 0.7700 minor support zone (Bearish)
Do not forget the overall trend on the higher timeframe remains bullish.
Trade safe.
Do follow my profile for daily fx forecast & educational content.
1. As I noticed that the bullish momentum is still relatively strong, judging from the way buyers attempt to breach the 0.78 resistance zone. I expect another pullback push to re-test 0.78 zone. Avoid any breakout setup unless 0.78 zone is clearly breached (Bullish)
2. If we notice sellers trying to push AU lower, that could send AU towards 0.7700 minor support zone (Bearish)
Do not forget the overall trend on the higher timeframe remains bullish.
Trade safe.
Do follow my profile for daily fx forecast & educational content.
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