AUDUSD Trade Idea
In yesterday's analysis, I expected AU to have some strong sell-off as I noticed a descending triangle forming with 0.7667 support zone as the valley, which was exactly what the market performed. A breakdown of yesterday's forecast, since 6th Jan I've been noticing the weakness in AU as price was constantly forming lower highs (refer to 6th, 14th, 21th1 27th Jan) which was a typical descending triangle formation. I called a short opportunity yesterday as price failed to stay above 0.7753 resistance level multiple times with a strong bearish doji pattern wick rejected the level, that indicated sellers' strength and strong disagreement at the current price point. In today's trading session, I will be favoring short-term selling opportunities if there's pullback towards 0.7767 resistance zone with 0.7575 support zone as the initial target. However, be aware that the momentum might not be as strong as yesterday, and do not forget the overall trend one the higher timeframe remains bullish.
Trade safe.
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Trade safe.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.