AUD Daily and 3-day pattern 8:00am
Currencies like Indexes have rallied off Tuesday's lows and looking to move into the Weekly 50% level, and probably go looking for the November 50% level next week.
Wednesday:- 3-day filter resistance
5-day 50% level random support.
If the AUD is going to go higher then it makes it difficult to be trading longs around Wednesday's highs.
Ideally pattern would be to see the AUD move down into Tuesday's 50% level once again:- brown filter, and then continue higher once again.
Keep in mind the US FED could be cutting rates today, and if that is the case it could weaken the US dollar, which favours the AUD rising.
Note:- I haven't been trading the AUD much this week because the Spiral filters haven't been matching the price action, which often occurs during Asian trading.
When that happens, as pointed out before, the Euro is much more robust
Euro Daily and 3-day pattern
Tuesday rally hitting the 3-day filter.
If the Euro is going to go higher:- ideal pattern would be to see price rotate back down into the 3-day filter support on Wednesday and then continue higher towards the Weekly 50% level.
Spiral Filter:-
When I stopped trading yesterday there were a couple of nice intra-day swing patterns, whilst Tuesday was supported before rallying into the close:- break above 5-day 50% level.
The late push upwards into Tuesday's 3-day filter provided a 7am spiral top...
Short 1.2736 covered 1.2680 + 56
On sidelines until 11am
- All Daily forex reports are written before 9.00am Sydney Time, which is approximately 3 hours before Midnight GMT
