AUD Daily and 3-day patternYesterday's view was to use Tuesday's highs as a resistance zone along with the Weekly 50% level (note: levels confirmed at midnight GMT)
As per trading rules, once the 41-43 pip range has completed as first exit zone, the trader can hold into the 90-95 pip range.
The first range completed (41 pips) but Tuesday didn't have any follow through on the downside to continue down.
Today:- Looking at price action over the past two days I don't have a probability pattern for Wednesday
If AUD is going to continue down, then it will normally continue down after a two day counter-trend move up.
However, price is rising up from June's 50% level, which is a major support level this month. If price was trading below it, then I would look for a 'short' pattern.
At this stage I would need to see Wednesday play out to get the next best set-up, ideally a break of the 3-day lows would set-up Thursday's pattern.
Otherwise define today's trend either side of the 5-day 50% level, which currently price is above it, and above the Weekly 50% level expectation price is moving towards Wednesday's highs.
No Set-up today
