AU has been in a bullish direction since the beginning of December. As we are now in the ending days of this month, the price has been in a consolidation / ranging market. Using my Fibonacci tool AU has reached near 50% level. Failed to break past that level and looks as if it may start to change into a bearish direction. But before we can confidently know that AU is good for a sell move. We would have to wait for a little bit more confirmation. Such as waiting to see if the price breaks out of consolidation. As well as if the price breaks my bullish trendline. If we look at the daily chart we can see AU was overall in a bearish direction since November. In this case, the bullish move that's been going on with this pair all December may have just been a pullback.
If you agree with my analysis please like or simply comment your thoughts.
If you agree with my analysis please like or simply comment your thoughts.