In yesterday's forecast, I expected AU to slightly pullback deeper violating 0.7683 minor support zone to see that over-extended condition before buyers step in, which was exactly what the market performed. The current condition of AU remains bearish in the short-term, will remain neutral bias. There are two setups that I am currently looking at
1. Another rejection of 0.7691 minor support zone followed by short-term bullish reversal towards 0.7741 resistance zone.
2. A re-test of 0.7667 (yesterday's low) before buyers again step in.
Violation of both support zones would bring price to 0.7644 next key support zone. Do be aware that sellers are still strong but the overall trend on the higher timeframe remains bullish, stay neutral.
Trade safe.
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1. Another rejection of 0.7691 minor support zone followed by short-term bullish reversal towards 0.7741 resistance zone.
2. A re-test of 0.7667 (yesterday's low) before buyers again step in.
Violation of both support zones would bring price to 0.7644 next key support zone. Do be aware that sellers are still strong but the overall trend on the higher timeframe remains bullish, stay neutral.
Trade safe.
Do follow my profile for daily fx forecast & educational content.
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