EURAUD Week of Nov 15th to 19th Outlook

By Lawrence

Recap of last week

Flushed down as expected, tagged the previous month 2x downside target (good!) but not tagging the 50% weekly expansion target to the downside and reversed course (not so good). The original projected zone for a resistance test (yellow zone) was tagged at the end of the week.



Next week outlook

The end of the week reversal puts the pair at exactly 50% of previous month expansion zone. As it also stopped at the monthly 2x target, it means monthly or higher timeframe players are in control. That will force the weekly and lower timeframe players into chaos as their signals will not be working as reliable as they hope for. Thus a range bounded week is likely and not a good pair for my swing trades that usually last a day or two.