AUD/USD Weekly and Daily charts.
AUD has reach the tops in July-September.
Normally when price hits these highs I would look for a reversal back down, as was the case in March this year.
However, in the Daily chart we have a breakout of the Weekly highs, which often will support price for the next few days until the end of the week.
Ideally I wanted price to come down into the Weekly 50% level this week and then trade the UP move, but it that didn't play out.
Therefore the rest of the week is view as range bound but supported above the breakout of the Weekly highs.
AUD 3-day pattern
I was looking for a reversal down on Tuesday into the 5-day 50% level, but that wasn't helped by price remaining above the intra-day filter (brown).
Wednesday:- No probability pattern:-
Often a breakout of Tuesday will push higher into Wednesday, and ideally from the 5-day 50% level upwards.
Range:- Wednesday's highs and 5-day 50% level, as shown..
- All Daily forex reports are written before 9.00am Sydney Time, which is approximately 3 hours before Midnight GMT
