AUD Weekly and 3-day pattern.
AUD trading around the March Highs, the Quarterly balance point and the Weekly highs.
At this stage I still leaning to the view that the AUD needs to pullback into the April 50% level before any potential move upwards in the 2nd Quarter.
Therefore I’m going to continue trying to short the 3-day filter, sadly Tuesday didn’t move high enough.
Wednesday:- 5-day 50% level random support
3-day filter resistance.
If trading below the 5-day 50% level there is the view that AUD should follow a 2-day pattern lower towards next week’s 50% level
Euro Weekly and 3-day pattern
Same expectation as the AUD, pullback into next Quarterly balance point.
Precise entry on the Euro on the 3-day filter and price looks to be moving down, as it heads down into the March and Weekly 50% levels.
We can currently see the 5-day 50% level supporting price, but if the Euro is going to follow the move down, then it should hit Wednesday’s 50% level and push down into the 5-day lows.
The 5-day lows, along with the higher timeframe 50% levels are viewed as support…
But any higher move upwards, needs to verify support, and then continue higher the next day from a lower daily open.
At this stage Wednesday’s 5-day low doesn’t match the higher timeframe 50% level, therefore there could be another push down into Thursday.
GBP Weekly and 3-day pattern
GBP is trading above the Monthly 50% level with the expectation of higher prices in March, but at this stage it’s struggling to follow through.
The past 2-days has been trading above the 3-day filter but not continuing with the breakout patterns of the 5-day highs
Unless GBP drops below the 5-day 50% level the trend remains up.
- All Daily forex reports are written aftr 11.00am Sydney Time, which is approximately Midnight GMT
