In the previous analysis (Thursday/ 31st Dec), I expected AU to more pullbacks due to its over-extended condition, which was exactly what the market performed. On Thursday session, we saw a strong bullish candle followed by complete digestion, which is a bearish signal. Coming into Monday (4th Jan) session, I expect some rotation and short-term bearish pressure bringing price back to 0.7642 key technical support zone before further continuation if price breaks the current 0.7695 minor support zone. However, do not forget that the overall direction is bullish, if price begins to show bullish signs, will be looking for long opportunities if it breaks the 0.77418 daily high.
Will keep it updated on Monday. Trade safe.
Do follow my profile for daily fx forecast.
Will keep it updated on Monday. Trade safe.
Do follow my profile for daily fx forecast.
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Previous analysis
