AUD Weekly and 3-day pattern…
Yesterday view was that if AUD was going higher the 5-day 50% level would support price and then continue higher.
3pm support didn’t continue at 7pm instead reversing down, as part of the Weekly 50% level test and reject pattern.
If Friday is going to continue the rejection pattern, then it should sell down from the 5-day 50% level into Friday’s low.
Above 6420 and price could push upwards towards the 3-day filter.
Euro Weekly and 3-day pattern.
Yesterday view was to trade longs around 1.2583 for any higher moves, but each 4 hour period failed to move above the 5-day 50% level :- which should have been a partial exit zone.
Break of support and price went down…
Today:- Simply trade the 5-day 50% level :- either way down into Friday’s lows, or above could go chasing the 3-day filter which matches the 5-day highs, which is back towards the Weekly 50% level.
Which was my view yesterday.
No probability on the direction, just confirm the levels using the 4 hour patterns.
GBP Weekly and 3-day pattern
Yesterday the GBP followed the 3pm BUY upwards the 3-day filter and reversing back down.
Today is the same as the Euro:- trade on the side of the 5-day 50% level.
- All Daily forex reports are written before 9.00am Sydney Time, which is approximately 3 hours before Midnight GMT
