In the recent analysis (15th Jan, Friday), I expected AU to reject the 0.7795 resistance zone, followed by a bearish reversal violating the trendline with 0.7690 as the target, which was exactly what the market performed. Currently will be looking for short-term selling opportunities, there are two setups that I am looking at
1. Ideally I need to see some pullback towards 0.7735 minor resistance zone for a re-test for further bearish continuation setup with 0.7685 & 0.7644 support zones as targets (Bearish)
2. Be aware if the bearish momentum continues, we could expect a potential probe below 0.7680 support zone with a bounce, before more selling pressure steps in as the market has moved quite a lot (Bearish)
However, do pay attention to 0.7640 key support level as it serves as a buyers' territory, If the zone is breached we could expect increased bearish sentiment in the market. As long as price stays above that zone, remain bullish bias. 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. Ideally I need to see some pullback towards 0.7735 minor resistance zone for a re-test for further bearish continuation setup with 0.7685 & 0.7644 support zones as targets (Bearish)
2. Be aware if the bearish momentum continues, we could expect a potential probe below 0.7680 support zone with a bounce, before more selling pressure steps in as the market has moved quite a lot (Bearish)
However, do pay attention to 0.7640 key support level as it serves as a buyers' territory, If the zone is breached we could expect increased bearish sentiment in the market. As long as price stays above that zone, remain bullish bias. 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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Friday's (15th Jan) analysis
