Recap Tried twice to break Y-1 and failed. Once Y-0 was cleared, a reversal is in place for a run back upto at least Y+1. Y+1 and Y+2 was taken out with full force in 1 go. Closed the week above Y+2 and near week high.
Outlook Last week was a classic failure of the head and shoulder pattern, which then turn into a bull flag and mess with the bears.
At this point, however, once the pressure is off, we need to know if it is a true upside breakout. A test of Y+1 is necessary here to confirm the strength of the breakout. If Y+1 holds, we can get B+2 easily next week.
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Lawrence's Comment
Recap
Aussie dropped down to Y-2 as expected. Tight range at 50% previous week range. Multiple tried in real-time to bounce higher yet previous week close held it down. Closed ...
Lawrence's Comment
Recap
Y+1 resistance sent Aussie lower back down to Y-0. Y-0 support pushed Aussie back up above Y+1. Previous week close turning into support gave aussie one more push higher. ...
Lawrence's Comment
Recap
Opened holding above the resistance mentioned last week. Cable has no choice but squeezed back up to Y+1. Rejected by Y+1, sending it back down to Y-0 again. Closed ...
Lawrence's Comment
Recap
First half of the week playing out perfectly like a normal 50% range consolidation around Y-1. Then FOMC announcement changed everything. The upside breakout of the tight range gave ...
GBPUSD Apr 29 to May 03 Outlook
Lawrence’s Comment
Tried twice to break Y-1 and failed. Once Y-0 was cleared, a reversal is in place for a run back upto at least Y+1. Y+1 and Y+2 was taken out with full force in 1 go. Closed the week above Y+2 and near week high.
Outlook
Last week was a classic failure of the head and shoulder pattern, which then turn into a bull flag and mess with the bears.
At this point, however, once the pressure is off, we need to know if it is a true upside breakout. A test of Y+1 is necessary here to confirm the strength of the breakout. If Y+1 holds, we can get B+2 easily next week.
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