Recap Aussie bounced back to resistance as expected early in the week. But instead of crashing downward, it held Y-1 and then zoomed back up to Y-0. Closed the week below Y-0 and above midpoint.
Outlook Gold dictated Aussie’s every move last week. Not the best environment to trade this pair unless you monitor gold closely.
4 Hour bear flag clearly in place so a retest of B-0 downto Y-1 likely. If Aussie holds there, a run to B+1 and breakout to B+2 will be in play.
The more likely outcome is bear flag breakdown with a retest of B-1.
Lawrence's Comment
Recap
Cleared Y+1 early in the week and zoomed higher to tag Y+2. Failed to clear that and stalled quickly back down to near Y-1. Closed the week above Y-0 ...
Lawrence's Comment
Recap
Gap down to 3900 and staged a fight back up to Y-1 but failed to get there until the 3rd try. Y-1 cleared but 100% absolute range limited the ...
Lawrence's Comment
Recap
As stated last week, stairstep rally in place. Upside target of Y+2 tagged by end of the week.
Outlook
Stairstep rally is very difficult to snap out of, thus it ...
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Lawrence's Comment
Recap
Y+1 cleared without tagging Y-0 led to breakout push towards Y+3. Thin channel however failed to hold up after the last push and collapsed back down to the crime ...
AUDUSD Jun 17 to Jun 21 Outlook
Lawrence’s Comment
Aussie bounced back to resistance as expected early in the week. But instead of crashing downward, it held Y-1 and then zoomed back up to Y-0. Closed the week below Y-0 and above midpoint.
Outlook
Gold dictated Aussie’s every move last week. Not the best environment to trade this pair unless you monitor gold closely.
4 Hour bear flag clearly in place so a retest of B-0 downto Y-1 likely. If Aussie holds there, a run to B+1 and breakout to B+2 will be in play.
The more likely outcome is bear flag breakdown with a retest of B-1.
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