In yesterday's analysis, I discussed about the further drop towards 0.7667 support zone as price has formed an exhaustion pattern, which was exactly what the market performed. However, there was an immediate strong bounce when price reacted at the 0.7667 support zone, sending price towards 0.7763 (yesterday's high). Currently, we're seeing clear lower highs sequence with 0.7767 support zone as the valley, seems like a descending triangle pattern. To validate the short setup, I'd like AU to again re-test the 0.7753 resistance level and show further rejection, that could send AU again back towards 0.7667 support zone. But do not forget the overall trend on the higher timeframe remains bullish, a descending triangle pattern could send price either way, be reactive.
Trade safe.
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Trade safe.
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