March lows or near them, and reversing back into the higher timeframe 50% levels.
The next trend will simply be based on the 2nd Quarter 50% level. Either the trend continues down towards the Primary Trend lows, or the reversal continues upwards into the next Quarter highs.
All trends originate from midpoints and extend outward, and that's going to be defined by the 2nd Quarter balance point.
AUD Monthly and Weekly
AUD has reversed back into the Quarterly balance point, if the trend is going to continue in either direction then the April level will define the trend.
Therefore there is an expectation that the remainder of the Quarter should consolidate until the next the Quarter begins.
Therefore the trading range is based on the Weekly highs and Weekly 50% level.
And for day traders, we simply look for patterns using the 3-day filter, along with the random resistance of the 5-day highs
Euro Monthly and WeeklyEuro has reversed back into the Quarterly balance point, if the trend is going to continue in either direction then the April level will define the trend.
Therefore there is an expectation that the remainder of the Quarter should consolidate until the next the Quarter begins.
Therefore the trading range is based on the Weekly highs and Weekly 50% level.
And for day traders, we simply look for patterns using the 3-day filter.
Once we establish the trend and potential trend in the 2nd Quarter, all traders have to do is trade on the side of the 3-day filter, and look for set-ups and 2-day extension patterns.
GBP Monthly and Weekly.If the GBP continues the same move as the other two, then the potential to move much higher is a strong possibility:- March highs
At this stage the March 50% level is a robust resistance level, but if price is going to continue higher, then around next week's 50% level should be used as support for a potential move upwards.
Once again the April 50% level is the trend guide.
If GBP doesn't follow the move higher next week, and instead stalls and closes below the March 50% level, then there is a good chance that GBP will go lower in the 2nd Quarter.
- All Daily forex reports are written aftr 11.00am Sydney Time, which is approximately Midnight GMT
