AUDUSD Trade Idea

In yesterday's forecast, I discussed about potential short-opportunity on AU, but market was just chugging along. A recap of my previous breakdown, on both 21st & 27th Jan were when I talked about the potential bounce of the upper trendline with 0.7667 support zone as the valley. On the 27th, I expected GU to finally violates the 0.7667 support zone officially forming lower highs & lows. On the 29th Jan, I talked about a potential double top rejection at 0.7700 minor resistance zone with 0.7570 as the target, which was exactly what the market performed. I will all these forecast in the comment section below.

In today's trading session, I will be favoring short-term selling opportunities, ideally a re-test of 0.7660 resistance zone for a bearish continuation towards 0.7570 support zone. However, If we notice bullish pressure pushing price above the 0.7660 minor resistance zone, that will invalidate the short setup. Do not forget the overall trend on the higher timeframe remains bullish, I'm only trying to capitalize on the short-term bearish sentiment in the market.

Flexibility is the key. Trade safe.

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