In yesterday's forecast, i discussed about the possible pullback towards 1.3479 to further 'stretch' the market and attract more sellers before rejection could happen, which was exactly what the market performed. The recent price action on GU has been quite choppy, so I'll be using both daily and 4h charts to simplify the analysis today. GU has been in a grinding sort of uptrend (healthy), every impulse will followed by a 0.5 - 0.886 fib retracement. 1.3479 is a key level to hold, once it is broken I could expect longer-term downtrend. However, as long as GU stays above 1.3479 zone, we will remain bullish bias. Today's setup is fairly straightforward, will be looking for short-term buying opportunities after some pullback with 1.37 (previous daily high) as the initial target. Do be aware that there are many minor resistance in between, but as long as the higher lows & highs sequence are intact, avoid paying too much attention to them.
Trade safe.
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Trade safe.
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