In yesterday's analysis, I expected AU to have further continuation to the upside, which was exactly what the market performed. Be aware that AU is currently in an extreme overbought condition (RSI: 75) with divergence setup aligning. Avoid chasing the market under such over-extended condition due to the unfavorable Risk-to-Reward. In today's trading session, I will be focusing on short-term selling opportunities, with potential re-test of the 50ema or the 0.7810 key support zone. Understand that I am shifting my bias to short-term mean reversion setup due to the over-stretched condition, if price finds further bullish momentum pushing upwards, avoid going against the flow. Stay reactive.
The overall trend on the higher timeframe remains bullish.
Trade safe.
Do follow my profile for daily fx forecast & educational content.
The overall trend on the higher timeframe remains bullish.
Trade safe.
Do follow my profile for daily fx forecast & educational content.
评论:
Previous analysis
