Trading Edges That Last
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AUDUSD Jun 17 to Jun 21 Outlook
Lawrence’s Comment
Aussie bounced back to resistance as expected early in the week. But instead of crashing downward, it held Y-1 and then zoomed back up to Y-0. Closed the week below Y-0 and above midpoint.
Outlook
Gold dictated Aussie’s every move last week. Not the best environment to trade this pair unless you monitor gold closely.
4 Hour bear flag clearly in place so a retest of B-0 downto Y-1 likely. If Aussie holds there, a run to B+1 and breakout to B+2 will be in play.
The more likely outcome is bear flag breakdown with a retest of B-1.
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