AUDUSD Mar 14 to Mar 18 OutlookBy on 2011 Mar 12 Sat 7:05:24
Failure to tag Y+1 early in the week sent the pair back down to Y-1. As Y-1 did not contain the drop, further weaknesses was expected from Y-0 and in one move completed both the 1st downside target of Y-2 and Y-3. At slightly higher than Y-3, which was the previous support level, the pair bounced back to close at, Y-0.
Event driven move in the last half day of past week showed that Y-0 is a strong attractor. If B-0 acts as support, B+1 should be visited soon. If the developing situation in Asia stabalize, then next week should be range bounded within B-0 to B+1.