AUDUSD Feb 04 to Feb 08 Outlook

By News Robot

Lawrence’s Comment

Recap
Held Y-1 in beginning of the week led to a bounce towards Y-0. Failed to reach Y-0 and retested Y-1 as expected. Consolidated around Y-1 since. Closed the week at Y-1 and below midpoint.

Outlook
Consolidation after sell off without tagging previous midpoint is sign of weaknesses. Further downside is more likely.

The rare scenario is a quick snap back up to above B-0 and that acts as support. The short term down trend will then be broken with a squeeze back up to Y-0 and possibly B+2.

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