AUD Weekly and 3-day pattern
AUD trading below the 3-week highs and the monthly 50% level.
AUD pushed up into the 3-day filter and stalled.
This is viewed as resistance in Thursday & Friday.
Friday’s highs are viewed as resistance, but as pointed out yesterday, eventually they will breakout.
5-day 50% level random support on Friday
Euro Weekly and 3-day pattern.
Euro pushed down into the 5-day 50% level which aligned with the 3-day filter (red) providing a push back towards the 5-day highs.
Friday:- 3-day filter the trend guide
Above and it’s moving towards Friday’s highs and could continue higher:- higher Weekly close.
Below and it’s random length pattern towards the 5-day 50% level.
GBP Weekly 3-day pattern
Early push down on Thursday fromthe 3-day filter, and then a reversal upwards during the US timezone, with Thursday closing back above the Weekly lows…
Friday:- 3-day filter resistance & 5-day 50% level trend guide.
But because of Thursday’s Hook pattern back inside the Weekly lows, price can break the 3-day filter and move towards Friday’s highs.
I would still use the 3-day filter as resistance if there is an early push upwards on Friday and use the 5-day 50% level as an exit zone take profits.
If the pound moves down early on Friday, confirms the Weekly lows and then begins to move up towards the 3-day filter during late GMT or US trading hours, I wouldn’t short the 3-day filter.
Random support around 1.3800
- All Daily forex reports are written aftr 11.00am Sydney Time, which is approximately Midnight GMT
