FOREX AUD/USD Weekly 9th August 2008

AUD Weekly

Breakout of the August lows and price is heading down into the Quarterly lows as shown.

AUD Daily

From the 'top' in the AUD and the 'sell' down, the expectation was that price was heading down into the August lows.

The previous week there were some robust trading patterns to short trade down, whilst this week I was hoping that the AUD would re-test the monthly 50% level to get a good swing pattern down into the August lows.

But the failure to hold support around the August lows, and the breakout favours a continuation down into the Weekly lows next week.

AUD 3-day pattern

Even though the test and reject pattern of August 50% level didn't play out, the same patterns using the 3-day high filter did provide 'day' traders with the opportunity to trade shorts on Monday and Tuesday.

But after Tuesday there were no more probability patterns other than using the intra-day filter.


Monday's Trading analysis after 11am on Monday.