Recap A forced rally early in the week due to the bull trap from gold tagged Y+2 but it did not last. The dirty bottom at Y-1 was retested as expected and blasted through. Aussie flushed down to Y-3. Closed the week near Y-3 and week low.
Outlook Just like gold itself, Aussie just cannot build a bottom in the middle of nowehre. More downside is expected.
Until Aussie can stage a bottom setup at B-1, not looking for long.
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Lawrence's Comment
Recap
As oppose to holding above Y-0. Canadian dollar moved with its other metal currency pairs gaining strength over USD.
The failure to hold above Y-0 points to the ...
AUDUSD Nov 25 to Nov 29 Outlook
Lawrence’s Comment
A forced rally early in the week due to the bull trap from gold tagged Y+2 but it did not last. The dirty bottom at Y-1 was retested as expected and blasted through. Aussie flushed down to Y-3. Closed the week near Y-3 and week low.
Outlook
Just like gold itself, Aussie just cannot build a bottom in the middle of nowehre. More downside is expected.
Until Aussie can stage a bottom setup at B-1, not looking for long.
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