FOREX AUD/USD 18th July 2008

"Thursday:- In that case, use the 3-day filter to trade any bounce off the 5-day 50% level on Thursday back towards Thursday's highs. (probability pattern)


If price is pushing down from the filter and below the 5-day 50% level, and also below the Weekly highs, then there is a potential reversal back into the Weekly 50% level, as it moves down towards Thursday's lows...."


Yesterday's report


AUD Daily and 3-day pattern

AUD found some early support on Thursday, but then continued down, and is now trading below the 5-day 50% level.

As per Yesterday's report, and also the Weekly report...

Break of the Weekly highs and expectation is price is rotating back down into the Weekly 50% level.

Friday: there haven't too many down day's on Friday recently, but we need to trade on the side of the July highs (Trading below)

Simply trade on the side of the 5-day 50% level, I would like to think it could continue down, but being Friday who knows......

  • All Daily forex reports are written before 9.00am Sydney Time, which is approximately 3 hours before Midnight GMT

  • Exact levels shown for current day aren't confirmed until midnight GMT

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