Did not post a chart on this pair last week as it was not clear if we were having a spike and ledge or just a pause before running higher.
Then early in the week it became clear we had a spike and ledge and it failed to hold up. Shorting this pair was not hard as the 1-2-3 sell on 4 hour was very pronounced. The only concern at the time was that the week was about to wrap up in a day could it go all the way to break the current week low at the time.
It did and made up for the wait!
Next week outlook
A bounce from last week low/close should not exceed the yellow zone much if it is going to reach 100% downside monthly expansion. For the target red zone to be reached, we should not see price prints above the spike and ledge bottom from the prior week at 1.4050 area.
Lawrence's Comment
Recap
Sudden intraday swings all week. 100% range capped all the moves. Closed the week belowY-0 and above midpoint.
Outlook
Brexit week means wait and see until it is over. ...
Lawrence's Comment
Recap
FBO against Y+1 in beginning of the week gave us the downside target of Y-1. Took out Y-1 and tagged Y-2 in 1 go. Bounced back above ...
Lawrence's Comment
Recap
3rd push higher above Y+1 failed to clear monthly resistance. Y+1 turning into resistance since sending this back down to Y-0. Closed the week near Y-0 and week low.
...
Lawrence's Comment
Recap
Pullback started. Dropped close to 77. Not quite 76.5 support zone yet.
Outlook
If USDJPY is doing a spike and ledge like the previous invention, then 76.5 would not hold ...
EURAUD Week of Nov 8 – 12 Outlook
Recap of last week
Did not post a chart on this pair last week as it was not clear if we were having a spike and ledge or just a pause before running higher.
Then early in the week it became clear we had a spike and ledge and it failed to hold up. Shorting this pair was not hard as the 1-2-3 sell on 4 hour was very pronounced. The only concern at the time was that the week was about to wrap up in a day could it go all the way to break the current week low at the time.
It did and made up for the wait!
Next week outlook
A bounce from last week low/close should not exceed the yellow zone much if it is going to reach 100% downside monthly expansion. For the target red zone to be reached, we should not see price prints above the spike and ledge bottom from the prior week at 1.4050 area.
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