In yesterday's analysis I discussed about the potential rejection zones on GU (1.3620 & 1.3660). As the market completely violated the 1.3620 minor resistance zone, 1.3660 resistance zone will be the re-test area. Currently looking for short-term selling opportunities, there are two scenarios that I am looking at
1. Rejecting 1.3660 resistance zone ONLY with a clear entry trigger (candlestick pattern), with 1.3542 as the initial target, if the bearish momentum is strong we'll be extending the target to 1.3480 key support zone (Bearish)
2. Grinding & slow rotation towards the upside re-visit 1.37 key daily resistance. Be aware if price approaches 1.37 resistance zone as it shows the amount of buyers' willingness to pay at such a high price. Avoid having any breakout setup unless 1.37 resistance zone is clearly breached (Bullish)
As the current market condition is showing overbought condition, I will be favoring short opportunity due to the risk-to-rewards. However, the overall trend on the higher timeframe remains bullish.
Trade safe.
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1. Rejecting 1.3660 resistance zone ONLY with a clear entry trigger (candlestick pattern), with 1.3542 as the initial target, if the bearish momentum is strong we'll be extending the target to 1.3480 key support zone (Bearish)
2. Grinding & slow rotation towards the upside re-visit 1.37 key daily resistance. Be aware if price approaches 1.37 resistance zone as it shows the amount of buyers' willingness to pay at such a high price. Avoid having any breakout setup unless 1.37 resistance zone is clearly breached (Bullish)
As the current market condition is showing overbought condition, I will be favoring short opportunity due to the risk-to-rewards. However, the overall trend on the higher timeframe remains bullish.
Trade safe.
Do follow me for daily fx forecast & educational content
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