AUD Weekly and Daily AUD didn't rotate up and test the monthly 50% levels before continuing down, and by looking at the Monthly close using the Weekly bars, there is more downside to come.
The Weekly trend in the short term has been defined by the Weekly balance point, now whether this reverses upwards next week because the Weekly timeframe has finally moved into September or continues down into September's lows is any one's guess.
If trading above the Weekly balance point then the bias is to reverse back into September 50% levels, if not it's going lower.
Our job in the short-term is find Low risk entries using probability patterns within the 5-day pattern.
Either price is reversing back into the 5-day 50% level, or it's continuing towards the 5-day outer ranges.
Only 2 trades on AUD last week...
Thursday's view of rotation back into the 5-day 50% level, and friday's continuation of the Breakout of Thursday's 3-day lows.
AUD 22 + pips and dump +13 pips
Short :- 58 pips and 81 pips... (exit 90 pip range)
But should have held for a pink to pink move, which would have netted an extra 25 pips.
AUD Report after 11an on Monday.
