In today's trading session, I will be focusing on short-term buying opportunities due to the current over-extended condition, with RSI indicating extreme as well. We had some massive sell-off on 25th & 26th Feb, due to how majority is chasing the buys earlier. Avoid having an immediate switch in bias due to the parabolic downwards movement, such intense drop does not provide any quality area of value for you to participate. In today's trading session, I will remain neutral bias, two scenarios that I am looking at
1. If we notice any sort of exhaustion signs on AU (eg, flag, pennant, 1st pullback, consoldation, etc), that could indicate sellers' in control, further pressuring AU towards 0.76 support zone (Bearish)
2. If there's bullish momentum breaking above the 0.7815 minor resistance zone. that could reflect the sudden drop was just a healthy pullback (Bullish)
The overall trend on the higher timeframe remains bullish. Stay reactive.
Trade safe.
Do follow my profile for daily fx forecast & educational content.
1. If we notice any sort of exhaustion signs on AU (eg, flag, pennant, 1st pullback, consoldation, etc), that could indicate sellers' in control, further pressuring AU towards 0.76 support zone (Bearish)
2. If there's bullish momentum breaking above the 0.7815 minor resistance zone. that could reflect the sudden drop was just a healthy pullback (Bullish)
The overall trend on the higher timeframe remains bullish. Stay reactive.
Trade safe.
Do follow my profile for daily fx forecast & educational content.