The technical structure on daily chart is still very interesting, our short term setup has been corrected (see chart below), but now the pair is approaching an important long term resistance around 0.6880 area. That said, we still don't rule out some bullish consolidation in short term, but once the impulsive structure on 1H chart is completed, we expect an interesting corrective structure.
OUR SHORT TERM ANALYSIS SETUP
Trade with care! Like 🚀 if my analysis is useful. Cheers!
Hi thx 🥰 so for next week you expect it to drop to 0.66500 before another run up ?
TheAnonymousBanker
⋅
@AlexTime, Hi Alex, We have a lot of new items this week. Although I didn't show it here, on weekly chart the Price Action closed below the resistance at 0.6880 (the market "felt" this level), and on intraday chart (1H), the impulse structure might not be complete. If we reason with these two elements, the right thing to do is to go looking for a short-term support area during first opening hours, at least that's what I'll do. Following 30' and 60' chart might be helpful next week.
AlexTime
⋅
Thanks my friend for a nice explanation 🙏 I have a sell position under 0.68800 I wanna hold my short but AU seem so bullish so it make me wanna close it too … I just wanna ask if you are looking for another support idea to sell it too 🙏