AUD Weekly and 3-day pattern…
AUD pushed down on Wednesday from 11am and into the 5-day 50% level by 3pm.
4 hour consolidation and then 7pm went back to the highs.
Thursday:- Weekly high major resistance, along with the 5-day highs…
Higher Daily open only favours a down day….
But eventually any down trend is going to reverse, and that is going to begin with a breakout of the Weekly highs.
Until that happen I would stick to shorting until around the Weekly highs
Euro Weekly…
Wednesday was simply trading on the side of the 3-day filter (red)
There was an early push down, but 7pm buying kicked price back above sending the Euro towards Wednesday’s highs.
At this stage price looks to be following the 5-day pattern higher, as it moves towards the Weekly highs
No trading set-up for Thursday.....
GBP Weekly and 3-day pattern….
Wednesday trading below the Weekly lows and rotating towards the 5-day 50% level and 3-day filter.
3-day filter statistical set-up to enter short trades for a continuation down towards March lows.
However, the stats drop once the 3-day filter actually drops lower than the 5-day 50% level.
Often this setups a breakout on the upside, but normally during US trading hours.
That means early resistance, which is matched by the Weekly lows, but a potential break on the upside late on Thursday.
- All Daily forex reports are written aftr 11.00am Sydney Time, which is approximately Midnight GMT
