AUD Weekly and 3-day pattern 7:55amMonday's trading has had a 'fake break' of the 3-day highs and looks to be pushing back towards the 5-day 50% level.
On Monday I didn't have a probability pattern.
Tuesday:- I favour the 3-day filter as resistance and a push down towards Tuesday's lows.
There isn't any new trends developing in the currencies as yet, so if trading I would continue to look to take small profits on any trades until the end of this week.
Tuesday's lows matches the Weekly 50% level (random support)
Euro Weekly and 3-day patternThe same pattern on Euro, Tuesday is favouring a move down towards Tuesday's lows.
If Monday closes below the 3-day lows @ 1.4405 I favour a move down into Tuesday's lows (random support).
If price closes above Monday's lows, then I favour a move back towards the 5-day 50% level, which hopefully can set-up a move down into Tuesday's lows.
Note:- Around Tuesday's lows price matches the Weekly 50% level, which could result in a rotation upwards.As mentioned in the Weekly report, I favour price gradually slipping back towards the Monthly 50% levels before any new trend develops in 2009.
- All Daily forex reports are written before 9.00am Sydney Time, which is approximately 3 hours before Midnight GMT
