Recap Aussie found support at Y-1 and cleared Y-0 decisively. Y+1 was tagged and pulled back to Y-0 as support. Y+2 target was stopped short at the 0.89 round number. Selling resumed since. Closed the week below Y-0 and midpoint.
Outlook The initial rally last week played out as expected but it was not as explosive as I hope for. The weaknesses going into end of week has turned Y-0 / B-0 into strong resistance zone for a retest of the Y-1 low.
Only until Y-0 / B-0 zone turning into support that a swing long will stand a better chance.
Lawrence's Comment
Recap
Consolidation around Y-0. Tried hard to hold Y-0 early in the week but failed. Leading to a move down to equal distance below Y-0. There was no panic selling ...
Lawrence's Comment
Recap
Y-0 did not act as support at all on first test. This opened the door to Y-1 and the test of Y-1 led to a strong bounce. Closed the ...
AUDUSD Oct 13 to Oct 17 Outlook
Lawrence’s Comment
Aussie found support at Y-1 and cleared Y-0 decisively. Y+1 was tagged and pulled back to Y-0 as support. Y+2 target was stopped short at the 0.89 round number. Selling resumed since. Closed the week below Y-0 and midpoint.
Outlook
The initial rally last week played out as expected but it was not as explosive as I hope for. The weaknesses going into end of week has turned Y-0 / B-0 into strong resistance zone for a retest of the Y-1 low.
Only until Y-0 / B-0 zone turning into support that a swing long will stand a better chance.
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