Recap Was looking for a drop but not as steep as what happened. Weak right from the beginning of the week failed to hold Y-0 points to a drop to Y-1. Got that in a day. Then it collapsed with rest of the majors against dollar. Closed the week at Y-2 and at week low.
Outlook Wiped out the whole up move in 3 days since the start of the month. Lots of trapped bulls above Y-1. Even if Aussie is going to go higher it cannot just go straight up. So more weaknesses is expected until we get a bottom formation.
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Lawrence's Comment
Recap
Upside triangle did not break to the downside at all. Instead, formed an up channel and drifted higher and paused after 50% of prior week range is reached. ...
AUDUSD Dec 24 to Dec 28 Outlook
Lawrence’s Comment
Was looking for a drop but not as steep as what happened. Weak right from the beginning of the week failed to hold Y-0 points to a drop to Y-1. Got that in a day. Then it collapsed with rest of the majors against dollar. Closed the week at Y-2 and at week low.
Outlook
Wiped out the whole up move in 3 days since the start of the month. Lots of trapped bulls above Y-1. Even if Aussie is going to go higher it cannot just go straight up. So more weaknesses is expected until we get a bottom formation.
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