In yesterday's analysis, I discussed about the potential bearish rejection at 0.7735 minor resistance zone, however, price breached the zone showing more bullish momentum. In today's session, we'll need to monitor the price action of AU, the momentum it approaches 0.7795 key resistance zone. If there's clear bearish rejection at that zone, we could expect some mean reversion setup towards 0.7740 support zone. There are two scenarios that I am looking at
1. Further bullish momentum approaching 0.7795 resistance zone followed by clear bearish rejection, with 0.7740 as the initial target (Bearish)
2. Clear breach of 0.7795 daily resistance zone with 0.7860 as the initial target (Bullish)
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. Further bullish momentum approaching 0.7795 resistance zone followed by clear bearish rejection, with 0.7740 as the initial target (Bearish)
2. Clear breach of 0.7795 daily resistance zone with 0.7860 as the initial target (Bullish)
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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