Recap Y-0 acted as resistance, gave us a good run down to Y-2 target mentioned last week. Found support there and bounced back up. Closed the week below Y-1 and midpoint.
Outlook The easy one from last week will turn into something more sticky here.
Mentioned many times here that for some reason 1.50 is a magic number that cable loves to tag but the reaction is not the same every time. It is difficult to predict how cable will react there as it is right below B-1 now. If you are uncomfortable with volatility, avoid cable this week.
Normal scenario is that a spike low against B-1 (and also 1.50) early in the week will give cable an excuse to jump back up to B+1.
Without that we usually get another leg down to B-2.
Lawrence's Comment
Recap
NQ test of downside target as expected and sparked a strong rally off the support. Follow thru actions pushed NQ back up above normal reversal target Y-0. Closed the ...
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Lawrence's Comment
Recap
FBO against Y+1 gave us a drop back down to Y-0 and then lower. 100% range expansion stopped the down move. Closed the week near Y-0 and midpoint.
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GBPUSD May 27 to May 31 Outlook
Lawrence’s Comment
Y-0 acted as resistance, gave us a good run down to Y-2 target mentioned last week. Found support there and bounced back up. Closed the week below Y-1 and midpoint.
Outlook
The easy one from last week will turn into something more sticky here.
Mentioned many times here that for some reason 1.50 is a magic number that cable loves to tag but the reaction is not the same every time. It is difficult to predict how cable will react there as it is right below B-1 now. If you are uncomfortable with volatility, avoid cable this week.
Normal scenario is that a spike low against B-1 (and also 1.50) early in the week will give cable an excuse to jump back up to B+1.
Without that we usually get another leg down to B-2.
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