AUD Weekly and 3-day pattern.
AUD continued higher this week, as did most currencies against the greenback, but there wasn’t an ideal ‘long’ trade set-up to trade on Monday
Once above the 3-day filter price continued higher hitting April’s highs on Monday
There isn’t any ideal long set-up to trade unless there is a pullback, especially around the April highs.
Today:- 3-day filter yellow the trend guide, and if trading below .7272 hopefully it can slip back towards the 5-day 50% level and more.
I’m still looking for a pullback into the Weekly 50% level.
Euro Weekly 3-day pattern
Euro move down into the monthly balance point and found support along with the Weekly 50% level @ 1.3150
But Monday was all about the 3-day filter @ 1.3185.
Once above that price rallied to the 5-day highs. (first time in over 1 week a 3-day filter cross-over).
Today:- If Euro is going to continue higher then the 5-day 50% level should support price for a move towards Tuesday’s highs.
GBP Weekly and 3-day pattern.
Last Week GBP found support and a lower Weekly open favoured a higher move this week.
And it wasn’t until price moved above the 3-day filter and 5-day 50% level saw a breakout of the 5-day highs.
Today:- Ideal pattern on GBP before it continues higher is to see a pullback into the 5-day 50% level.
5-day 50% level support to move towards the 3-day filter highs.
If GBP moves higher into the 3-day filter, then I would look for a pullback into the 5-day 50% level (lower Daily close)
- All Daily forex reports are written aftr 11.00am Sydney Time, which is approximately Midnight GMT
