Recap Aussie tried to hold above Y+1 but failed. That opened the door to Y-1 retest. Got the retest done and bounced off since. Closed the week above midpoint and Y-0.
Outlook 2nd reject of Y-1 / B-1 points to potential important bottom in place. If Aussie can clear B+1 in 1 go we have double bottom in place with target of B+3.
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Lawrence's Comment
Recap
As the US debt talk crisis continue, USD trashed across all majors. Closed the week at the G8 intervention price level now.
Outlook
Weak but also potential long term bottom ...
Lawrence's Comment
Recap
Early part of the week was an attempt to hold the previous week low (Y-1) area. But we knew that the strong rejection at Y+1 implied the likely ...
AUDUSD May 06 to May 10 Outlook
Lawrence’s Comment
Aussie tried to hold above Y+1 but failed. That opened the door to Y-1 retest. Got the retest done and bounced off since. Closed the week above midpoint and Y-0.
Outlook
2nd reject of Y-1 / B-1 points to potential important bottom in place. If Aussie can clear B+1 in 1 go we have double bottom in place with target of B+3.
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