Hello Traders,
let’s see what the market has for us this Thursday.
1. AUD/USD
The AUD/USD is finding it hard to bounce back to resistance level 0.67736.
In other words, the Bulls are losing steam. That said, support level 0.66762 has become weaker after price has tested it over six times, in the past 6 months.
My bias is bearish on this pair, but it’s too early to conclude. Let’s see how the daily chart closes before we make any conclusions.
If we do get a clean breakout, we may most likely see a pull-back before the bears take price to the next possible support level (0.63484)
2. XAU/USD (GOLD)
Gold has revisited resistance level 1611.44.
Are we going to see a breakout or a reversal?
That’s for our daily candlestick to answer.
A reversal will most likely bring price back to support level 1587.88 and a breakout will form a new resistance level (1875.43)
Now don’t even ask me what my bias is, because the present resistance level is 8 years old (dating as far back as 2011).
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Do join us again tomorrow for another analysis.
I wish you a great day ahead.
