In yesterday's analysis, I expected AU to have further bearish momentum towards 0.7615 & 0.7570 support zones, which was exactly what the market performed. I'll be switching onto the 4h to provide a better clarity in today's forecast. In today's trading session, I will be favoring short-term selling opportunities. There are two setups that I am looking at
1. Further bearish pressure towards 0.7570 support zone (yesterday's low). If the momentum is strong, a breach below it is possible. (Bearish)
2. If we notice some rollover towards the upside, or a second rejection at 0.7570 support zone, that could send AU back towards 0.7660 resistance zone. (Bullish)
However, do not forget the overall trend on the higher timeframe remains bullish, I'm only trying to capitalize on the current short-term bearish sentiment in the market.
Trade safe.
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1. Further bearish pressure towards 0.7570 support zone (yesterday's low). If the momentum is strong, a breach below it is possible. (Bearish)
2. If we notice some rollover towards the upside, or a second rejection at 0.7570 support zone, that could send AU back towards 0.7660 resistance zone. (Bullish)
However, do not forget the overall trend on the higher timeframe remains bullish, I'm only trying to capitalize on the current short-term bearish sentiment in the market.
Trade safe.
Do follow my profile for daily fx forecast & educational content
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