Recap As expected the rising wedge did not last. It was broken to the down side and the selloff almost tagged my downside target. Euro bounced before the target was reached. A steep rally from the low took euro back up to 100% absolute range expansion. Closed the week at Y-0 and above midpoint.
Outlook Below Y-1 was rejected decisively. Yet rally higher has no strength. The pop up to B+1 is a retest of the rising wedge support line from below. So far the support line holds thus we are looking at a potential longer term top in the making. As long as Y+1 is not breached on weekly close basis euro should go much lower.
Lawrence's Comment
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 ...
Lawrence's Comment
Recap
No consolidation whatsoever as Abe and BOJ worked together with one announcement after another to make sure ninja going higher. Break out play tagged normal Y+3 target. Closed the ...
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Lawrence's Comment
Recap
Consolidation around previous week close. Trapped between Y+1 and Y-0. Closed the week near Y-0 and B-1.
Outlook
Still trapped within the same range over the past several weeks. ...
EURUSD Aug 19 to Aug 23 Outlook
Lawrence’s Comment
As expected the rising wedge did not last. It was broken to the down side and the selloff almost tagged my downside target. Euro bounced before the target was reached. A steep rally from the low took euro back up to 100% absolute range expansion. Closed the week at Y-0 and above midpoint.
Outlook
Below Y-1 was rejected decisively. Yet rally higher has no strength. The pop up to B+1 is a retest of the rising wedge support line from below. So far the support line holds thus we are looking at a potential longer term top in the making. As long as Y+1 is not breached on weekly close basis euro should go much lower.
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