AUD Monthly and Weekly
AUD trading in a 4th Quarter breakout, with the expectation that price will continue down in December to form a double bottom since the breakout of the 4th Quarter lows in October.
Currently November's lows haven't reached, and next Week's 50% level is once again the trend guide.
In the short-term:- Weekly 50% level is the trend guide, & coming into the last week of the month might attract some upside move from Wednesday as it looks to move towards the December balance point before it continues down into lower lows from next month.
At this stage I don't have a view for the last week of November other than use the same patterns in the 5-day range.
AUD 3-day patternThursday breakout, but Friday didn't continue down from the 5-day 50% level, instead moving back into the breakout level and stalling.
Next Week:- I would think that the AUD would continue down to complete the breakout pattern:- either from the 5-day 50% level or most probably the 3-day filter on Monday.
Personally, this was probably the worse week on Forex trading during the Asian timezone I can remember.
Most currencies weren't moving during my timezone until well into GMT trading hours, and most of the robust sell patterns occured in the US timezone.
And on 2 occassions my trades were stopped out only to see the AUD move over 90 pips in the direction.
6 trades
1 winner 36
5 losses 42
