Hello Legendary Traders,
Let’s see what Tuesday has for us…
1. AUD/JPY
AUD/JPY has a beautiful setup.
Presently on the daily chart, we have price touching the resistance level (73.663) of a descending channel.
This is a 50/50 setup (meaning it could go either way), a breakout should further encourage price to reach the next possible resistance level (76.225) and a reversal will most likely pull price back to support level 71.512.
2. XAU/USD (GOLD)
Gold is gradually descending to a key support level (1491.64)
In my opinion, I am 65% bullish on this one, but my bias will only worth a dime if we get to see a rejection confirmation on the present support level.
If the rejection occurs, we should be looking at price bouncing back to resistance level 1519.32 and if the support level is broken, there is a huge possibility that price would hit 1434.58 as the next possible support level.
Alright, we done for today, join us again tomorrow for another analysis
As always… Stay pip-full
