Trading Edges That Last
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AUDUSD Aug 04 to Aug 08 Outlook
Lawrence’s Comment
Directional break down from Y-0 resistance. Tagged Y-2 and bounced. Took 2 more tries below Y-2 before a strong bounce could materialize. Closed the week near Y-2 and below midpoint.
Outlook
The assessment of more weaknesses in Aussie is correct and a drop to weekly support is now necessary before Aussie can stage a better longer term bottom. Weekly support below B-2.
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