AUD Weekly and 3-day pattern.
Monday:- 3-day filter rejection from 11am into 3pm.
3pm confirms the break of the 5-day 50% level, and 7pm continues down into Monday’s lows….
Monday’s 3-day lows breakout…
Tuesday:- Therefore the 5-day lows and Weekly lows could support AUD, resulting in a swing back towards the 3-day breakout or 5-day 50% level.
5-day 50% level@ 6383 is viewed as resistance with a push down into the Weekly lows.
If this pattern happens then it’s likely that the Weekly lows might not hold, as prices are trying to move towards the March lows.
Don’t short trade above the 3-day filter.
Euro Weekly and 3-day pattern.
Monday:- Weekly 50% level sell off down into the Weekly balance point @ 1.2621.
7pm couldn’t hold the 3-day filter, which then became resistance.
And likely push down into Monday’s lows.
Tuesday:- Same pattern as last week around the Weekly lows, but we need to keep in mind there is a larger trend pushing the price lower..
Random support 1.2517, but more likely to break and continue down towards the 5-day lows.
Limit shorting above 1.2649 and the blue filter.
I'd be surprised to see a push towards Tuesday's highs, but if it's above the 5-day 50% level anything is possible.
1.2649 needs to push price back below the 5-day 50% level, and the continue with a break of yesterday's lows.
Above 1.2649 random price action....
GBP Weekly and 3-day pattern.
3-day filter sell off and collapse on Monday
Weekly lows and 5-day lows breakout….
Anytime it gets near the 5-day 50% level until it reaches the March lows keep shorting it.
That's the only conclusion I can come up with.
- All Daily forex reports are written aftr 11.00am Sydney Time, which is approximately Midnight GMT
