Recap Y-0 resistance gave us a drop below Y-1. Down channel bottom acted as support again allowing Aussie drift back up. 2nd test of Y-0 resistance did not clear it either. US NFP report sent Aussie down to my downside flush target and bounced. Closed the week above Y-1 and midpoint.
Outlook As mentioned last week Aussie has one more flush in it and it found an excuse to finish the job. With a strong rejection below in place, Y-1 acting as support is likely with not only a retest of Y+1 / B+1 but also a run to B+2 has a good chance.
Lawrence's Comment
Recap
Trapped in same range as in past several weeks. Then downside breakout happened. Closed the week near Y-1 and below midpoint.
Outlook
For the breakout to continue, Y-1 must ...
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
Lawrence's Comment
Recap
Complex swings in the beginning of the week where the bulls tried to defend the Y-0 / Y-1 zone to form a bottom. Took a FBO against Y-1 to ...
AUDUSD May 05 to May 09 Outlook
Lawrence’s Comment
Y-0 resistance gave us a drop below Y-1. Down channel bottom acted as support again allowing Aussie drift back up. 2nd test of Y-0 resistance did not clear it either. US NFP report sent Aussie down to my downside flush target and bounced. Closed the week above Y-1 and midpoint.
Outlook
As mentioned last week Aussie has one more flush in it and it found an excuse to finish the job. With a strong rejection below in place, Y-1 acting as support is likely with not only a retest of Y+1 / B+1 but also a run to B+2 has a good chance.
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