Recap Aussie failed to clear Y+1, gave us the perfect selloff as mentioned last week back down to Y-2. Y-2 did not even put in a fight and gave us 200% absolute range expansion before finding support. Closed the week near week low and below Y-3.
Outlook Aussie is a reflection of the gold weaknesses. The weaknesses with Aussie, however, requires not just gold moving up but above 1400 to give Aussie the backdrop to be able to hold up. Until then Aussie stays in longer term down trend.
Next week Aussie can bounce back up to B-0 if it can hold Y-3 and give us a 1-2-3 buy from there. Lack of a good bottom, consolidation around B-1 is expected.
Lawrence's Comment
Recap
ES is not as bullish as Dow but not as weak as NQ either. As mentioned last week, once ES getting close to one side of the ...
Lawrence's Comment
Recap
Perfect pullback to my resistance price and dropped all the way to end of week. Closed the week at the low and below Y-1.
Outlook
As mentioned in MBO ...
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AUDUSD Aug 05 to Aug 09 Outlook
Lawrence’s Comment
Aussie failed to clear Y+1, gave us the perfect selloff as mentioned last week back down to Y-2. Y-2 did not even put in a fight and gave us 200% absolute range expansion before finding support. Closed the week near week low and below Y-3.
Outlook
Aussie is a reflection of the gold weaknesses. The weaknesses with Aussie, however, requires not just gold moving up but above 1400 to give Aussie the backdrop to be able to hold up. Until then Aussie stays in longer term down trend.
Next week Aussie can bounce back up to B-0 if it can hold Y-3 and give us a 1-2-3 buy from there. Lack of a good bottom, consolidation around B-1 is expected.
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