AUD Weekly and 3-day patternAll currencies the trend continues to move down, and the 3-day filters are still resistance levels.
Until they break higher, and there is no probability they will break higher keep trading on the short side, or take quick profits on the long side.
As I mentioned in yesterday's report, US Index markets patterns help influence the movement of currencies.
Euro Weekly and 3-day pattern
same applies on the Euro:- 3-day filter resistance
GBP Weekly and 3-day pattern
Trend continues down and the blue filter is influencing the price action.
Friday is trading below the Weekly 50% level but above the blue filter, which looks like it will move upwards the 3-day filter.
3-day filter resistance and target on the downside would be Friday's lows.
In conclusion:- Like last Friday there could be a rally but there are no set-ups to trade the rallies unless buying the 3-day filter breakout.
Last Week in the S&P there was a HOOK pattern on the Weekly 50% level which pushes prices higher on Friday. This gave an idea that currencies could rally on Friday.
Therefore the US market report later on is going to help give an idea whether Friday continues down or not.
