In yesterday's analysis, I expected AU to continue roll towards the downside (0.7570 support zone, which was exactly what the market performed. In today's trading session, I will remain neutral bias as the bearish movement of AU was relatively weak. I noticed that price is currently forming a falling wedge pattern, be aware that it could be a short-term reversal pattern. There are two setups that I am looking at
1. If the falling wedge pattern is well-respecting, wait for a break above the upper band of the wedge pattern, preferably showing some sort of upwards breakout sign (tight consolidation) with 0.7660 resistance zone as the initial target. (Bullish)
2. If the bearish pressure persists, wait for a clear break below the 0.7565 support zone for any bearish continuation setup. (Bearish)
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. If the falling wedge pattern is well-respecting, wait for a break above the upper band of the wedge pattern, preferably showing some sort of upwards breakout sign (tight consolidation) with 0.7660 resistance zone as the initial target. (Bullish)
2. If the bearish pressure persists, wait for a clear break below the 0.7565 support zone for any bearish continuation setup. (Bearish)
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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