AUD Weekly and DailyLast weeks trading was an extremely tight 5-day pattern, as was the case with most currencies and global Index markets.
When we look at the Monthly timeframe using the Weekly charts, last Week's trading started on the 30th November and now with the close of the Weekly timeframe has finally moved in December's timeframe.
Whether that had anything to do with the tight 5-day pattern is debatable.
The important thing on any continuation lower, or even a major trend reversal is the 3-week channel highs.
Any long term trend won't change unless there is a breakout above the 3-week highs, and then a move above the monthly 50% level.
Any continuation of the long term trend normally occurs with price retesting the 3-week highs and then rejecting....
Therefore price has now moved into December's timeframe.
I have the expectation that currencies are moving towards the Weekly highs next week.
Around those highs and the view is resistance ( until broken with a Friday close above), with the expectation of a move down into December's lows.
Euro Monthly and Weekly
Read AUD/USD report and apply on Euro....
GBP Monthly and Weekly
GBP looks more like text book trend trading with the expectation of price moving down into December's lows.
Whilst price is below the Weekly 50% level, then the view is to move down.
Above the Weekly 50% level, and expectation price is moving towards the Weekly highs....
Daily report on Monday after 11am EST
