Recap Retested Y+1 as expected. That led to a quick selloff back down to Y-0 and stopped there. Aussie bounced back up to week high zone and stalled. Closed the week above midpoint and Y-0.
Outlook The first part of the expected swing, test of Y+1, was completed.
An interested reversal potential has developed. If Aussie can clear B+1 a push towards B+2 and then B+3 will be in play.
The 2nd part of the expected swing, a drop to Y-1, however, is still in effective as long as B+1 is acting as resistance.
Lawrence's Comment
Recap
Intervention shock messed up the markets worldwide. Support at Y-1 failed to hold as everyone was trying to get out of the door at the same time. A ...
Lawrence's Comment
Recap
A minor data problem affected the chart. Week high was 1.05 area which was a challenge of the resistance zone and failed. Closed the week below Y-0 ...
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AUDUSD Jul 29 to Aug 02 Outlook
Lawrence’s Comment
Retested Y+1 as expected. That led to a quick selloff back down to Y-0 and stopped there. Aussie bounced back up to week high zone and stalled. Closed the week above midpoint and Y-0.
Outlook
The first part of the expected swing, test of Y+1, was completed.
An interested reversal potential has developed. If Aussie can clear B+1 a push towards B+2 and then B+3 will be in play.
The 2nd part of the expected swing, a drop to Y-1, however, is still in effective as long as B+1 is acting as resistance.
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