AU has been in a healthy down trend since April 2022, when price peaked around 0.7620, then faced some mid to long-term selling pressure up until today.
The low was around 0.6840, which was respectively Sept 2015 & Jan 2016 lows.
The biggest question: Is this just another pullback - short scenario OR is the market going to reverse?
As the market is currently forming some Rising Wedge confluence with the overall downtrend flow, I personally will favour more on the downside move.
0.6970 is the only minor support structure i'm paying attention into, some scenarios i'm watching closely:
1. Potential selling opportunity towards 0.6970 minor support structure
2. If price breaks above this wedge formation, it could signal some short-term strength in the market
3. If price follows my plan dipping towards 0.6970, I'll observe how price responds to that region to determine whether is there any long opportunity or not.
Always perform your own analysis and only use this as an educational material. Trade safe and take care.
Do not forget to like if you enjoy the content, and share with someone who'd enjoy reading this.
The low was around 0.6840, which was respectively Sept 2015 & Jan 2016 lows.
The biggest question: Is this just another pullback - short scenario OR is the market going to reverse?
As the market is currently forming some Rising Wedge confluence with the overall downtrend flow, I personally will favour more on the downside move.
0.6970 is the only minor support structure i'm paying attention into, some scenarios i'm watching closely:
1. Potential selling opportunity towards 0.6970 minor support structure
2. If price breaks above this wedge formation, it could signal some short-term strength in the market
3. If price follows my plan dipping towards 0.6970, I'll observe how price responds to that region to determine whether is there any long opportunity or not.
Always perform your own analysis and only use this as an educational material. Trade safe and take care.
Do not forget to like if you enjoy the content, and share with someone who'd enjoy reading this.
