AUD Weekly and 3-day pattern
AUD trading between the March 50% level & Weekly highs:- resistance
But being supported around the Weekly 50% level..
Either one is eventually going to breakout, but I don’t have a ‘long' set-up to trade the AUD on Wednesday.
Wednesday’s 5-day highs resistance and Trend guide if price breakouts.
Euro Weekly and 3-day pattern.
Weekly highs resistance, and 3-day filter the trend guide,
If the Euro is going higher it needs to break the 5-day high, namely 1.3158
If below the 3-day filter, then it’s part of the Weekly high resistance pattern, with the possibility of price coming back down and testing the Weekly 50% level.
GBP Weekly and 3-day pattern
Much weaker than that others.
Push down on Tuesday in the 5-day 50% level.
If GBP is going to go higher, then it should remain above the Weekly Balance point from a lower Daily open and then follow a drive upwards towards Friday or the Weekly highs.
Introducing the 5-week 50% level allows traders an idea about the price action, therefore a higher move needs to close and breakout above this level, which matches Monday's highs.
Then that level will become support for a push upwards.
But using the 5-day pattern and 3-day filter, there doesn't seem an ideal entry unless GBP comes back down into the Weekly balance point.
- All Daily forex reports are written after 11.00am Sydney Time, which is approximately Midnight GMT
