Trading Edges That Last
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AUDUSD Aug 26 to Aug 30 Outlook
Lawrence’s Comment
FBO against Y+1 and collapsed immediately. Flushed down to below Y-2. Printed almost 200% absolute range expansion before Aussie could bounce. The overshoot both ways scenario unfolded as expected. Closed the week below Y-1 and midpoint.
Outlook
Gold made a breakout to upside move by end of last week while Aussie could not even push back up to Y-1. It is bearish for both gold and Aussie. As long as B-0 is acting as resistance, retest of B-1 is likely.
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