Recap After 3 weeks of consolidation, finally a breakout from tight range. 200% expansion target (Y+3) reached and stalled from there. Closed the week above week midpoint.
Outlook The upmove was a controlled one, thus a retest of Y+1 and B-0 is needed to confirm the strength of this rally. If that zone acts as support, a retest of B+1 is very likely.
Lawrence's Comment
Recap
Euro consolidated around Y-1 and then flushed lower. Y-2 target tagged and bounced back up to week mid and failed to push higher. Closed the week below Y-1 and ...
AUDUSD Feb 07 to Feb 11 Outlook
Lawrence’s Comments
After 3 weeks of consolidation, finally a breakout from tight range. 200% expansion target (Y+3) reached and stalled from there. Closed the week above week midpoint.
Outlook
The upmove was a controlled one, thus a retest of Y+1 and B-0 is needed to confirm the strength of this rally. If that zone acts as support, a retest of B+1 is very likely.
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