AU is currently in an uptrend, but the recently I've discussed about the descending triangle formation on AU, indicating a potential short-term bearish sentiment in the market, which was exactly what the market performed. In today's trading session, I will be favoring short-term selling opportunities. There are two setups that I am looking at
1. A re-test of 0.7660 resistance zone with further bearish continuation towards the 0.7570 support zone. (Bearish)
2. A further rally towards 0.77 minor resistance zone for a triple top possibility, but I doubt price could pullback that far if the bearish momentum persists. (Bearish)
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.
1. A re-test of 0.7660 resistance zone with further bearish continuation towards the 0.7570 support zone. (Bearish)
2. A further rally towards 0.77 minor resistance zone for a triple top possibility, but I doubt price could pullback that far if the bearish momentum persists. (Bearish)
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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