Recap Aussie held Y-1 and took out Y+1 quickly. This opened the door to Y+2. Y+1 acted as support. Closed the week above Y+1 and midpoint.
Outlook As I pointed out 2 weeks ago, Aussie could be telling us that gold is about to bottom out on short term basis. Gold made a strong reversal this week proves this correlation is still useful. Aussie has developed into an up channel now. Break of the channel support will take it back down to B-1. Holiday mode trading means consolidation actions likely.
Lawrence's Comment
Recap
Weak pullback not even touching Y-0 ended with another drop to Y-1. Eventually Y-1 was cleared giving us equal distance from previous week close. Closed the week below Y-1 ...
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Bull Putting is the concept of taking advantage of a strong up swing to catch some profit from the remaining part of the move. The idea is sound but most ...
AUDUSD Dec 07 to Dec 11 Outlook
Lawrence’s Comment
Aussie held Y-1 and took out Y+1 quickly. This opened the door to Y+2. Y+1 acted as support. Closed the week above Y+1 and midpoint.
Outlook
As I pointed out 2 weeks ago, Aussie could be telling us that gold is about to bottom out on short term basis. Gold made a strong reversal this week proves this correlation is still useful. Aussie has developed into an up channel now. Break of the channel support will take it back down to B-1. Holiday mode trading means consolidation actions likely.
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