Trading Edges That Last
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As Featured In
AUDUSD Jun 10 to Jun 14 Outlook
Lawrence’s Comment
Aussie breakout upside tagged Y+2 yet failed to hold Y+1 giving us a FBO setup with Y-1 and Y-2 targets. Flushed down to Y-2 and bounced. Failed to clear Y-0 and sold off back down. Closed the week below Y-1 and midpoint.
Outlook
Aussie simply followed every move in gold as gold was trying to breakout upside from its current trading range. This will likely continue into this week. Once gold find a direction, so will Aussie.
If Aussie is trading on its own, the whiplash action points to more downside as it failed to hold its upside breakout and Y-0 acted as resistance. As long as Y-1 acting as resistance, Y-3 and B-2 is in play.
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