Last week’s signals were bearish for the AUDUSD, but they also pointed
to losses being just temporary. This is exactly what occurred, as a near
2 Big Fig profit was taken 5 pips off the 1.0178 low, before sentiment
recovered to close little changed on the week overall.
Signals have subsequently improved and this week’s outlook is for the rally to continue while above a stop loss at 1.0250. But with a sequence of lower weekly highs intact, the call is a cautious one. The initial target is 1.0472, last week’s high, a break here ending the sequence of lower weekly highs and improving sentiment to 1.0575 and then towards 1.0675, the 2 week top.
The risk however would be with selling through a stop at 1.0250, a negative signal exposing sentiment to 1.0178, last week’s low and then towards 1.0100.
Signals have subsequently improved and this week’s outlook is for the rally to continue while above a stop loss at 1.0250. But with a sequence of lower weekly highs intact, the call is a cautious one. The initial target is 1.0472, last week’s high, a break here ending the sequence of lower weekly highs and improving sentiment to 1.0575 and then towards 1.0675, the 2 week top.
The risk however would be with selling through a stop at 1.0250, a negative signal exposing sentiment to 1.0178, last week’s low and then towards 1.0100.
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