AUDUSD Aug 29 to Sep 02 Outlook

Recap
3rd leg down resulted in a fight to defend of Y-1 which eventually led to a run for Y-0 test after Mrs. Yellen’s comments. Since 2nd swing low was not defended, no fuel to go higher and collapsed from there. Closed the week below Y-1 and near week low.

Outlook
Down channel structure but not well formed. Momentum points to more downside for now but Y-2 support can lead to a reversal to test Y-1 / B-0 first for confirmation of weaknesses.