Recap Aussie rising wedge turned into a thin up channel leaning on Y-0 support. Normal upside target Y+2 tagged. Closed the week above Y-0 and below midpoint.
Outlook Potential break of up channel and rising wedge in progress. As long as Y+1 / B-0 zone acting as resistance a drop towards B-2 is likely.
Lawrence's Comment
Recap
Dow tried to hold support all week but failed to clear Y+1 resistance. Friday breakdown move flushed to Y-3 directly. Closed the week near Y-3 and week low.
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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
AUDUSD Aug 15 to Aug 19 Outlook
Lawrence’s Comment
Aussie rising wedge turned into a thin up channel leaning on Y-0 support. Normal upside target Y+2 tagged. Closed the week above Y-0 and below midpoint.
Outlook
Potential break of up channel and rising wedge in progress. As long as Y+1 / B-0 zone acting as resistance a drop towards B-2 is likely.
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