In yesterday's analysis, I discussed about the potential upwards breakout of the trendline with 0.7795 as the initial target, which was exactly what the market performed. Currently I am expecting short-term bullish sentiment in AU. If price respects the trendline with a simple re-test. we could expect AU to re-visit the 0.78 yesterday's high. However, if we see further rotation violating the trendline, it's the primary signal that buyers' are giving up. There are two setups that I am looking at
1. Re-test of the trendline followed by second approach back to yesterday's high at 0.78 zone (Bullish)
2. Further bearish rotation showing us sign of weakness, we could expect 0.7740 key support zone to be breached with 0.7690 support zone as the initial target
However, do not forget the overall trend on the higher timeframe remains bullish.
Trade safe.
Do follow my profile for daily fx forecast & educational content.
1. Re-test of the trendline followed by second approach back to yesterday's high at 0.78 zone (Bullish)
2. Further bearish rotation showing us sign of weakness, we could expect 0.7740 key support zone to be breached with 0.7690 support zone as the initial target
However, do not forget the overall trend on the higher timeframe remains bullish.
Trade safe.
Do follow my profile for daily fx forecast & educational content.
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