There's a one big nothing on the left side of chart all the way to 0.63 level (see monthly chart below). I'm not saying AU will drop 400 pips out of a sudden, but if it will decide and go south, this level is next in sight for longer term.
For now I expect a lot of stop losses to be eaten in the following week - both long and short. With 80% bullish sentiment there will be a lot stop losses just under previous low and hence a nice target for bears. Now the question is how high will bears allow it to climb before. I'll just observe it for now with mind set for shorts in red areas.
Monthly chart:
Disclaimer: this idea is solely for my own purposes, to satisfy the ego, if it will work out ;)
For now I expect a lot of stop losses to be eaten in the following week - both long and short. With 80% bullish sentiment there will be a lot stop losses just under previous low and hence a nice target for bears. Now the question is how high will bears allow it to climb before. I'll just observe it for now with mind set for shorts in red areas.
Monthly chart:
Disclaimer: this idea is solely for my own purposes, to satisfy the ego, if it will work out ;)
