In yesterday's analysis, I expected AU to re-test the 0.7660 resistance zone with further bearish continuation, which was exactly what the market performed. However, noticed that price found support at 0.7615 zone, currently rolling back up. In today's trading session, I'll be favoring short-term selling opportunities. It's not easy to identify entry zones for the short setup due to the choppy market condition, but if price is failing to create higher high or possibly a strong bearish pin bar/ doji could send price towards 0.7615 & 0.7570 support zones. Be aware that we might see a deep pullback towards 0.7697 minor resistance zone before sellers step in as well. If price shows bullish momentum breaching above the 0.7697 resistance zone, that will invalidate the the short setup.
However, 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.
Trade safe.
Do follow my profile for daily fx forecast & educational content.
However, 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.
Trade safe.
Do follow my profile for daily fx forecast & educational content.
www.tradingview.com/u/TraderNeoh/