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.
There is no probability pattern on Tuesday, Price is too high from the Weekly 50% level to use as support. 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."
Yesterday's report
AUD Daily and 3-day pattern
AUD continues down into the Weekly 50%, as part of the 2-day reversal using the 5-day 50% level as a 'Thrust' pattern down.
Tuesday has found support @ the Weekly 50% level, and also Tuesday's lows....
3-day filter
If Wednesday is going to move higher, and the overall trend going to continue back towards the Weekly highs, then Wednesday should be rising up from the 3-day filter using the same support level as Tuesday's low @ 9536-9.
Note: If Wednesday fails at the 5-day 50% level and continues down into into the lows, then the price action is favouring a lower Weekly close ( Friday top-to-bottom), and back into the July 50% level.
- All Daily forex reports are written before 9.00am Sydney Time, which is approximately 3 hours before Midnight GMT
