AUD Weekly and 3-day pattern 7:45Monday breakout and Tuesday has moved back into the 3-day filter and stalled, which is also below the higher timeframe 50% levels.
At this stage I favour the down trend continuing on Wednesday and Thursday, as price has retested the break and failed.
Ideal pattern would be to test the 3-day filter once again and sell off over the next 2 days....
If some reason Wednesday continues higher resulting in a Weekly HOOK pattern, then the bias is to move higher into Friday, and more than likely follow the scenario of a consolidating December, as per Weekly report.
At this stage the price action of the first two days favour the down trend continuing, but a higher Wednesday and the entire monthly scenario changes.
EURO Weekly and 3-day pattern.Monday breakout and Tuesday has moved back into the 5-day 50% level and stalled, which is also below the higher timeframe 50% levels.
At this stage I favour the down trend continuing on Wednesday and Thursday, as price has retested the break and failed.
Ideal pattern would be to test the 3-day filter once again and sell off over the next 2 days....
If some reason Wednesday continues higher resulting in a Weekly HOOK pattern....
(notice the drop in the 3-day filter, Wednesday will be trading above it) then the bias is to move higher into Friday, and more than likely follow the scenario of a consolidating December over the next 4 weeks, as per Weekly report.
At this stage the price action of the first two days favour the down trend continuing, but a higher Wednesday and the entire monthly scenario changes.
- All Daily forex reports are written before 9.00am Sydney Time, which is approximately 3 hours before Midnight GMT
