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AUDUSD Oct 08 to Oct 12 Outlook
Lawrence’s Comment
Initially bounced off Y-1 but failed to go above Y-0. That caught a lot of people by surprise. Surprise breakout points to normal expansion target of Y-3 and that was tagged later in the week. Closed the week at the low, below Y-3.
Outlook
A flush is in process. Bottom picking will be difficult and not necessary.
A sharp reversal back up above B-0 will stage a bounce / pullback to at least B+1. From there we can figure out if Aussie dollar has found its bottom.
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