Trading Edges That Last
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As Featured In
AUDUSD Feb 02 to Feb 06 Outlook
Lawrence’s Comment
Y-1 support in the beginning of the week led to an up drift near Y-0. 1-2-3 sell breaking the bear flag sent Aussie straight down to clear Y-1. Range expansion to 2 times the original established range. Closed the week below Y-1 and near week low.
Outlook
This 2nd leg down is very damaging to the weekly timeframe. Natural support is either this B-1 zone or 500 pips lower. Another wildcard play like Euro this week. Until we get a confirmed reversal on daily which points to a bounce back up to B-0, there is no nearby projection for the downside target.
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