As per Thursday (24th) forecast, I expected GU to rally towards 1.3617 daily high to have another rejection. GU is now making clear higher lows & highs towards the 1.3617 daily high, 1.3570 is a minor resistance zone. Ideally, I expect the market to again re-test the 1.3617 resistance to confirm a potential breakout or double top setup, do not forget the overall trend on the higher timeframe is still bullish.
1. Breakout setup - Wait for a consolidation nearby the 1.3617 resistance zone (Build up phase) to indicate strong buyers, or a break & re-test if you are conservative.
2. Double top setup - Wait for a probe scenario, where price spikes through 1.3617 high and probe back below it (Long wick rejection), target will be 1.3480 support zone.
Trade safe.
1. Breakout setup - Wait for a consolidation nearby the 1.3617 resistance zone (Build up phase) to indicate strong buyers, or a break & re-test if you are conservative.
2. Double top setup - Wait for a probe scenario, where price spikes through 1.3617 high and probe back below it (Long wick rejection), target will be 1.3480 support zone.
Trade safe.