AUD Weekly and Daily chartsThe AUD found support at the June 50% level and began rising upwards into a higher Weekly close on Friday.
Last week's view was for the AUD to come down an test July's 50% level, but also the Weekly Trend was going to be defined by the Weekly 50% level, and once above that the bias was to rise higher into Friday.
Looking at the price action, if the AUD is going to continue back towards the June highs, then price should be rising upwards for the Weekly 50% level once again.
AUD 3-day pattern and Spiral
Because of a higher Weekly close, the expectation is for a 2-day pullback or stall before any UP trend continues.
Therefore the pattern I would be looking for is a pullback into the 5-day 50% level (lower Daily close) and then trade up from a lower daily open....
Because price is being pushed down from a Spiral top on Friday, the expectation that any pullback will be 95 pips, but looking at the price action for Monday, it won't necessarily be reversing down on that day...
Because price is trading above .9522, it often pushes up higher on Monday.
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