GBP WeeklyBreakout of the August lows, and expectation that price will continue down into a double Monthly low pattern.
This pattern has completed around the October lows, after the test and rejection pattern from the September 50% level.
A double monthly low pattern favours a rotation back towards the 50% levels, which often matches the Quarterly 50% level.
Note:- Keep in mind that there is a breakout of the Quarterly lows, therefore after any rotating towards the 50% levels, and the long term view is a move down into a double quarterly low pattern in 2009.
Euro Weekly
Breakout of the August lows, and expectation that price will continue down into a double Monthly low pattern.
This pattern has completed around the October lows, after the test and rejection pattern from the September 50% level.
A double monthly low pattern favours a rotation back towards the 50% levels, which often matches the Quarterly 50% level.
Note:- Keep in mind that there is a breakout of the Quarterly lows, therefore after any rotating towards the 50% levels, and the long term view is a move down into a double quarterly low pattern in 2009.
AUD Weekly
As you can see there is a re-occurring theme in global currencies, but as we can see in the AUD price has moved down much further than expected, which is related to a drop in commodity prices.
Breakout of the October lows so far, and expectation that price can continue down into November lows.
Note:- If other spreads are going to begin to rotate upwards, then the AUD is going to find some support, but in this month might not follow the same rotation upwards as others.
At this stage:- October lows and Quarterly lows as resistance until the end of this month.
All Daily reports back as normal from next week after 11am...
