In yesterday's analysis, I expected AU to have further continuation to the upside, which was exactly what the market performed. Be aware that AU is currently in an extreme overbought condition (RSI: 75) with divergence setup aligning. Avoid chasing the market under such over-extended condition due to the unfavorable Risk-to-Reward. In today's trading session, I will be focusing on short-term selling opportunities, with potential re-test of the 50ema or the 0.7810 key support zone. Understand that I am shifting my bias to short-term mean reversion setup due to the over-stretched condition, if price finds further bullish momentum pushing upwards, avoid going against the flow. Stay reactive.
The overall trend on the higher timeframe remains bullish.
Trade safe.
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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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