AUD Weekly and 3-day pattern.
Weekly 50% level support and expectation price is moving higher.
3-day filter breakout.
Tuesday’s 3-day filter @ .6890 should be used as support for Wednesday:-
Towards the 5-day highs
At this stage I’m not bearish on AUD, but if price is trading below Wednesday’s 3-day filter high and trading below the blue filter @ .6875 then price looks to be moving back to retest the April 50% level
Euro Weekly and 3-day pattern.
Bullish on the euro but I expected more upside on Tuesday.
The 5-day 50% level has resisted price, but what I wanted to see was for Wednesday to be already trading above the 3-day filter and then the expectation longs would continue upwards (support).
Currently price is below the 3-day filter @ 1.3280…..
I did mentioned that March 50% level might resist price but then find support on the other side of the April 50% level.
Above April 50% level and above the 1.3280 and expectation price is moving towards the Weekly highs
GBP Weekly and 3-day pattern
Weekly 50% level support and price has moved back into the 5-day 50% level and stalled.
Wednesday is all about how price is trading around the April 50% level and the 3-day filter.
I would have preferred GBP to move further UP on Tuesday and formed a HOOK pattern over the 5-day 50% level, which would have set-up a continuation of the move higher into Friday.
At this stage I favour the pattern to play out, but it hasn’t been confirmed.
- All Daily forex reports are written aftr 11.00am Sydney Time, which is approximately Midnight GMT
