AUD Daily and 3-day patternExpectation AUD is heading higher, but Monday has followed the usual pattern from a higher Weekly open back down into support zones, as it follows a 2-day reversal pattern.
Whenever the price reverses back down from a higher weekly open, the Weekly trend is defined by the 3-day lows, the 5-day 50% level, and the Weekly 50% level.
Because Price has tested and found support on Monday's 3-day lows without breaking, Tuesday will be defined by the 5-day 50% level
3-day filter
There is no probability pattern on Tuesday, Price is too high from the Weekly 50% level to use as support, and more often than not a bounce and test of Monday's lows can support the market on Tuesday
Tuesday looks to be a 2nd stalling day, with a better pattern set-up from Wednesday.
Day-traders simply use the 5-day 50% level as the trend guide.
- All Daily forex reports are written before 9.00am Sydney Time, which is approximately 3 hours before Midnight GMT
