In yesterday's analysis, I expected AU to re-test the 0.7740 resistance zone with further bearish continuation, which was exactly what the market performed. Recently, I've noticed that AU has respected the top trendline multiple times, followed by a busted flag pattern on 21th - 22th Jan, indicating potential short-term bearish momentum as buyers worn out. In today's trading session, I will be focusing on short-term selling opportunities after a clear breach of 0.7702 (yesterday's low) with 0.7667 support zone at the initial target. Be aware that we might see a probe above the top band of the exhaustion pattern before further bearish continuation. If we notice bullish pressure stepping in pushing price above 0.7740 resistance zone, that would invalidate the short setup.
However, do not forget the overall trend on the higher timeframe remains bullish, be reactive.
Trade safe.
Do follow my profile for daily fx forecast & educational content.
However, do not forget the overall trend on the higher timeframe remains bullish, be reactive.
Trade safe.
Do follow my profile for daily fx forecast & educational content.
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