AUD Monthly and WeeklyCurrencies and Indexes are following the same patterns of moving lower into double Monthly low patterns towards February's lows.
Therefore we should still to try and find levels in the multi-timeframes to short-trade down, whilst any longs should be use for quick profits using intra-day spiral techniques.
Because price isn't anywhere near the higher timeframe 50% levels, traders have to use the patterns within the Weekly trend, which hopefully sets a nice trading using either the 5-day 50% levels pr the 3-day filters.
The expectation of a 2nd monthly wave pattern down is a 'text-book' pattern.
Another text book pattern is:- after 3 weeks of trending price action we would normally look for a 1 week counter-trend move (higher weekly close), before the trend continues lower in the next Month.
Therefore price might or might not reach the January lows, but I'm still expecting a push lower early next week, and then begin to see if there are any patterns later next week to give us clues of a higher Weekly close.
If that occurs then this should hopefully align with another trend down into February's lows.
Euro Monthly and WeeklyWeekly balance point trend guide next week for an early push down :- random length.
But later in the Week we would begin to look for some rotation back towards the February 50% level before the Next trend continues lower in the following month.
GBP Monthly and Weekly
GBP already trading around its January lows.
At this stage I would look for a push down into the Weekly lows, and then see if there is any 3-day filter breakout on the UPside for a move back towards the February 50% level.
Daily Report out after 11am on Monday
