Recap Aussie found support at Y-1 and bounced towards Y-0. Y-0 very strong resistance as explained last week which forced Aussie to retest Y-1. Y-1 spike reversal against Y-1 and popped back up to challenge Y-0 yet failed again. Closed the week below Y-0 and near midpoint.
Outlook Stair step down trend points to more downside. Until Y-0 / B+1 turning into support down trend in strong.
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Lawrence's Comment
Recap
As expected euro went a bit higher above Y+1 and then consolidated near Y+1 most of the week until more news fed out from European officials again. ...
AUDUSD Aug 03 to Aug 07 Outlook
Lawrence’s Comment
Aussie found support at Y-1 and bounced towards Y-0. Y-0 very strong resistance as explained last week which forced Aussie to retest Y-1. Y-1 spike reversal against Y-1 and popped back up to challenge Y-0 yet failed again. Closed the week below Y-0 and near midpoint.
Outlook
Stair step down trend points to more downside. Until Y-0 / B+1 turning into support down trend in strong.
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