Recap No quick drop and bounce. Just slow motion selloff all the way. Paused at Y-2 but failed to bounce at all. Ended the week after tagging Y-3 and closed near week low.
Outlook We are seeing a very rare type of breakdown selloff where longs do not give up at all at every lower support level. Everyone is trying to trade out of the drop (i.e. averaging down). This is not a good sign.
Long term basis I will not be comfortable going long until after Aussie can find support around 1.0 area.
For next week, a bounce points to a test of B-0 and failing to clear that points to B-2 in play.
For more information about this report please refer to the Market Bias Informant pageTrading day for Forex symbols start at around 5 pm ET depending on Daylight Saving Time schedule
For more information about this report please refer to the Market Bias Informant pageTrading day for Forex symbols start at around 5 pm ET depending on Daylight Saving Time schedule
Lawrence's Comment
Recap
With help of gold, Aussie did not even stopped at Y+1 on the first retest. Opened the door way to Y+2 and tagging that too in a ...
For more information about this report please refer to the Market Bias Informant pageTrading day for Forex symbols start at around 5 pm ET depending on Daylight Saving Time schedule
AUDUSD May 21 to May 25 Outlook
Lawrence’s Comment
No quick drop and bounce. Just slow motion selloff all the way. Paused at Y-2 but failed to bounce at all. Ended the week after tagging Y-3 and closed near week low.
Outlook
We are seeing a very rare type of breakdown selloff where longs do not give up at all at every lower support level. Everyone is trying to trade out of the drop (i.e. averaging down). This is not a good sign.
Long term basis I will not be comfortable going long until after Aussie can find support around 1.0 area.
For next week, a bounce points to a test of B-0 and failing to clear that points to B-2 in play.
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