In yesterday's analysis, I expected AU to have further selling pressure back towards 0.7741 support zone, which was exactly what the market performed. However, I noticed that AU has been respecting the trendline for multiple times, it could be important to determine my short-term bias. Will remain neutral bias today as AU is currently in a range bound condition, there are two setups that I am looking at
1. A re-test of the trendline before further selling momentum kicks in with 0.7694 as the initial target
2. A violation of the trendline back to 0.7795 minor resistance zone
However, do not forget the overall trend on the higher timeframe remains bullish. Trade safe.
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1. A re-test of the trendline before further selling momentum kicks in with 0.7694 as the initial target
2. A violation of the trendline back to 0.7795 minor resistance zone
However, 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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