In Friday's (22th Jan) analysis, I expected AU to have some bearish rotation violating 0.7740 support zone indicating a busted exhaustion pattern (flag), which was exactly what the market performed. Currently looking for short-term selling opportunities if there's a re-test at 0.7733 minor resistance zone with 0.7670 support zone as the initial target. Be aware if there's any bullish rotation breaching above the 0.7740 minor resistance zone, the setup is invalid. We could expect some bearish sentiment in the market. However, the current condition of AU is range bound, avoid having unrealistic targets and do not forget the overall trend on the higher timeframe remains bullish.
Will keep it updated in the following trading week. Trade safe.
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Will keep it updated in the following trading week. Trade safe.
Do follow my profile for daily fx forecast & educational content.
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