AUD Daily and 3-day pattern 8:00 amFirst day of the month and Quarter and AUD trading will continue down into October lows.
I would have liked to have seen the AUD move up on Tuesday into the 5-day 50% level and then continue down.
Wednesday:- Trading around the Weekly and Tuesday lows, and normally price could continue down as it follows the Monthly trend down into October lows, but if price is trading above the brown filter on Wednesday then the bias is to move higher:- 5-day 50%.
Higher is simply the expectation of swinging back into the 5-day 50% level & 3-day filter.
3-day filter random resistance:- ie Sell higher daily open the next day (Thursday)
But at this stage during Asian trading hours the bias looks to be moving up using the brown filter as support.
Note:- the overall expectation is the price is moving into the October lows, but it can still do it in two ways...
1. continue down this and next week into October lows:- 3-day filter rejection on Thursday.
2. reverse up into October 50% level and then continue down later.
Therefore a move back into the 5-day 50% level on Wednesday could be part of a swing back into the October 50% level later this week, if Price doesn't get rejected down far enough.
It's trading around the Weekly lows, therefore a swing upwards before it continues down later is still a possibility.
- All Daily forex reports are written before 9.00am Sydney Time, which is approximately 3 hours before Midnight GMT
