Trading Edges That Last
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AUDUSD Apr 28 to May 02 Outlook
Lawrence’s Comment
Held Y-1 in the beginning of the week and drifted higher to Y-0. Found resistance and trashed down to my downside target Y-2. Went sideway since. Closed the week near Y-2 and below midpoint.
Outlook
As mentioned last week the downside move was not completed and it is likely to be taken care of soon. Now that the pullback is done, we have to re-evaluate the situation.
It is very interesting that gold failed to carry Aussie higher. Aussie has a choice at this price level. If it can hold B-1, a rally back up to B+1 is likely.
The down trend may have fuel for one more push lower but Y-3 is very strong support. It will take very bad news from Ukraine to clear the zone.
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