AUD Weekly and 3-day patternCurrencies and Index markets are following the same patterns, January downtrend..
There has been a 1 week UP move (actually 3-days), and with the expectation that prices will go lower in February, as part of the 2-month down trend.
At this stage the Down trend is moving a couple of days early, confirmed with price reversing down from the Weekly 50% level and trading below the 5-day 50% levels.
Friday:- There is a breakout on Thursday so the expectation is to push down into Friday's lows.
Ideally I would like to see the AUD move back into the Monthly 50% levels early next week before the trends continues down but it might not happen...
Weekly report tomorrow.
Euro Weekly and 3-day pattern
Same expectation in the Euro of heading lower.
Hopefully there is Friday support and a swing back into the 5-day 50% levels:-retest and then continue down
But if Friday breakouts the trend is down towards the Weekly lows.
GBP Weekly and 3-day patternGBP is slightly different, it's being supported around January's lows, and trading above the Weekly 50% levels...
A breakout above the 3-day filter could see a higher Weekly close and a swing back towards the February's 50% levels
However, selling down from the 3-day filter on a last day of the month can see price down into Friday's lows.
If Friday's lows breakout, then it's the same pattern of heading lower.
