Recap Easy play of the week. Got the breakout to the downside early in the week, run straight down to Y-3 and consolidated since. Closed the week below Y-2 and midpoint.
Outlook Original daily uptrend was broken but downtrend has not been established yet. As long as Y-1 / B-0 acting as resistance, a retest of B-1 is likely.
Lawrence's Comment
Recap
Cable ran straight up to Y+2 and then stalled. Then euro zone b.s. kicked in sending it back down to Y-0. Closed the week below midpoint and above ...
Lawrence's Comment
Recap
No bounce from Y-1. Re-entered the down channel and collapsed to Y-5 before the pair can find any support at all.
Outlook
Down channel re-enforced itself on the pair again ...
For more information about this report please refer to the Market Bias Informant pageTrading day for Forex symbols start at around 5 pm ET depending on Daylight Saving Time schedule
For more information about this report please refer to the Market Bias Informant pageTrading day for Forex symbols start at around 5 pm ET depending on Daylight Saving Time schedule
USDCAD May 05 to May 09 Outlook
Lawrence’s Comment
Easy play of the week. Got the breakout to the downside early in the week, run straight down to Y-3 and consolidated since. Closed the week below Y-2 and midpoint.
Outlook
Original daily uptrend was broken but downtrend has not been established yet. As long as Y-1 / B-0 acting as resistance, a retest of B-1 is likely.
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