Recap Easy play of the week. Y-0 resistance sent Aussie back down to Y-2 as expected. The nice surprise was the cut through with no reaction there at all. 200% absolute range expansion stopped the drop. Closed the week below Y-3 and midpoint.
Outlook Y-2 / B-0 resistance above. Momentum too strong for any significant bounce to happen. Thus more downside likely before a chance of a stronger bounce.
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Lawrence's Comment
Recap
As expected, once a clean breakout is in place, we get full range expansion in 1 go. The first push towards Y+1 failed to clear the tight ...
AUDUSD May 26 to May 30 Outlook
Lawrence’s Comment
Easy play of the week. Y-0 resistance sent Aussie back down to Y-2 as expected. The nice surprise was the cut through with no reaction there at all. 200% absolute range expansion stopped the drop. Closed the week below Y-3 and midpoint.
Outlook
Y-2 / B-0 resistance above. Momentum too strong for any significant bounce to happen. Thus more downside likely before a chance of a stronger bounce.
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