AUD/USD Monthly and WeeklyLast Week of trading until the end of the year and i'm not expecting too much to happen next week other than another consolidating 5-day pattern to close out the year.
Next Week:- In the short term have to judge the market based on the Weekly 50% levels until the close of the trading year, and then we have to analyse the price action with the next Quarterly 50% level in 2009.
Because of the failure to close above the December 50% level we don't have the expectation that the AUD is moving in a 2 month wave pattern up towards the Quarerly 50% level and January's highs, even though I think that this will happen before any new down trend continues.
With the breakout of the 3-Week highs in December, this should help the AUD move upwards in January from the Monthly 50% level once the resistance shifts at the end of next week.
- All Daily forex reports are written before 9.00am Sydney Time, which is approximately 3 hours before Midnight GMT
