AU is currently having some corrective behaviour after some impulsive uptrend move. If we look at the price action, AU formed a top trendline and is well-respected. During the last Thursday & Friday's (21th - 22th) session, a busted exhaustion pattern (flag) was formed. In today's session, I will be favouring short-term selling opportunities if price find weakness below 0.7733 resistance zone with 0.7665 support zone as the target. However, if we notice buyers stepping in holding price above the 0.7733 zone, we could expect a re-test of a top trendline. Despite the short-term bearish sentiment in the market, do not forget the overall trend on the higher timeframe remains bullish.
Trade safe.
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Trade safe.
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Comment:
Friday's (22th Jan) analysis
