AUD Daily and 3-day patternExpectation that the AUD would continue down into Tuesday's low, however the pattern I was looking for was a re-test of the 5-day 50% level and then a continuation down.
Because Tuesday has found support, and price hasn't re-tested the break, then the expectation is that Wednesday is pushing back towards the 5-day 50% level, and could go as high as the 3-day filter @ 9587.
Note: keep in mind that there are 'drops' in the weekly timeframe which favours a lower close by Friday, therefore Wednesday is viewed as an UP day, and then look for a continuation downwards from a higher Daily open on Thursday, with the expectation that price is moving back towards the July 50%.
- All Daily forex reports are written before 9.00am Sydney Time, which is approximately 3 hours before Midnight GMT
