AUD Weekly and 3-day patternEven though there is a hunch that currencies are going slightly higher, we have a Weekly 50% level and 3-day filter.
This would normally resist the market and push it lower.
Trade accordingly
Euro Weekly and 3-day patternIf the euro keep chasing the 3-day filter, then it's higher...
Ideal pattern would be to use the Weekly 50% level as support and trade upwards into the 3-day filter.
My ideal pattern for higher prices this week would be to see Daily closes below the Weekly 50% level, and then a higher daily close on Tuesday, as part of a HOOK pattern.
If that happens then traders can hold into Friday.
But if Monday continues upwards, then it's an Exit around the 5-day highs.
GBP Weekly and 3-day pattern3-day filter resistance until US trading hours....
At this stage I view GBP as range bound between the 3-day filter and 5-day 50% level, but obviously that can extend on Monday.
Monday's close and Tuesday's trading will give trader's a better idea.
- All Daily forex reports are written aftr 11.00am Sydney Time, which is approximately Midnight GMT
