Hi Traders, I took a few days off to fully enjoy the precious time with my family & friends celebrating Chinese New Year, It's been so long since I'm totally off the chart for several days. For those who concerned if I'm okay, I am fine :)
In the previous analysis, I talked about potential pullback towards 0.7705 before further bullish continuation. But price did not quite find the support zone then had strong momentum towards the upside. In today's trading session, I will remain neutral bias as I noticed that RSI is slowly indicating overbought & divergence setup (People are chasing the buys). Be very cautious if you're buying now, always buy the dips. There are two setups that I am looking at
1. An upwards breakout of 0.78 resistance zone (Ensure the breakout is clear, don't chase the false break), that would send AU much higher. In the long-term I do see AU heading to 0.81 zone (Bullish)
2. Another rejection off 0.78 resistance zone could indicate some short-term bearish rotation, possibly back towards 0.77 minor support zone (Bearish)
Do not forget the overall trend on the higher timeframe remains bullish.
Trade safe.
Do follow my profile for daily fx forecast & educational content.
In the previous analysis, I talked about potential pullback towards 0.7705 before further bullish continuation. But price did not quite find the support zone then had strong momentum towards the upside. In today's trading session, I will remain neutral bias as I noticed that RSI is slowly indicating overbought & divergence setup (People are chasing the buys). Be very cautious if you're buying now, always buy the dips. There are two setups that I am looking at
1. An upwards breakout of 0.78 resistance zone (Ensure the breakout is clear, don't chase the false break), that would send AU much higher. In the long-term I do see AU heading to 0.81 zone (Bullish)
2. Another rejection off 0.78 resistance zone could indicate some short-term bearish rotation, possibly back towards 0.77 minor support zone (Bearish)
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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Previous analysis
