In yesterday's analysis, I expected AU to have further selling pressure back towards 0.7741 support zone
, which was exactly what the market performed. However, I noticed that AU has been respecting the trendline for multiple times, it could be important to determine my short-term bias. Will remain neutral bias today as AU is currently in a range bound condition, there are two setups that I am looking at
1. A re-test of the trendline before further selling momentum kicks in with 0.7694 as the initial target
2. A violation of the trendline back to 0.7795 minor resistance zone
However, do not forget the overall trend on the higher timeframe remains bullish
. Trade safe.
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