AUD Monthly and WeeklyAUD remains trading above the January 50% level with a view to continue higher towards the Quarterly 50% level.
Last Week's trading remained in a tight 5-day sideways pattern, but Friday closed on it's lows,resulting in a Weekly timeframe that closed on it's lows.
At this stage there isn't anything that suggests that the AUD will move down next week, because a new UP trend can easily move higher from a lower Weekly open and rising upwards from the monthly 50% level, as part of a 'Thrust Pattern'.
Daily report out on Monday after 11am
Euro Monthly and WeeklyMy view was that after the December highs were reached the EURO would slowly move back down into the January 50% level along with the 3-week lows and then move up towards January's highs.
Everything played out precisely, along with Thursday's BUY set-up, but Friday's trading didn't follow through.
For the trend to continue higher in January, Friday had to swing back towards the Weekly 50% level, stall and move down early next week for 2 days and then Spring board upwards in the later part of next week.
Now the Euro looks more likely to head downwards.
It's below the Quarterly 50% level, failed at the January 50% level, and trading below the Weekly 50% levels.
Next Week:- Lower Weekly close and I would like to see a 2-day up move back into the Weekly 50% level to set-up any shorts from a Wednesday open.
It was the same pattern on the GBP, but on the GBP Tuesday moved higher (3-day breakout).
Therefore the Euro could do the same and still move towards the January highs, but at this stage all I'm looking for next week is a 2-day reversal back towards the Weekly 50% level.
Daily report out on Monday after 11am
GBP Monthly and WeeklyI was looking for GBP to follow SET UP A and continue down into January's lows, except it followed the rotation back towards the January 50% levels.
As pointed out in the Daily reports:- Tuesday moved too high resulting in a 3-day breakout, but that was pointed out and trading longs with Thursday's set-up allowed for a few pips on the upside.
Next Week:- I have the expectation that price is going to continue towards the Weekly highs & January 50% level.
Therefore the ideal set-up would be a rotation back down into the Weekly 50% levels, and then trade a lower Daily open and using the 50% levels as support.
Daily report out on Monday after 11am
