AUD Weekly and 5-day pattern
Wednesday high breakout pushed the AUD up into Thursday’s highs and Weekly highs.
It was the same pattern as in US index markets.
At this stage I don’t know whether Friday will continue higher or pullback into the Monthly balance point.
At this stage I would treat the AUD as following the 5-day pattern higher.
Random support the 5-day 50% level.
Euro Weekly and 5-day pattern
I’m expecting higher prices on the Euro with Thursday’s trading.
Even though Wednesday’s UP move was unexpected, the rotation down into the 3-day filter and 5-day 50% level should hopefully continue to Friday’s highs.
This should be helped by price rising up from the Monthly balance point.
However, I did expect Thursday to actually close much higher after testing the 5-day 50% level and 3-day filter.
Nothing is guaranteed, limit longs below the 5-day 50% level.
The Euro is still trading below the Quarterly balance point, which might have something to do with price not rising higher on Thursday.
GBP Weekly and 5-day pattern
Trade on the side of Friday's levels, and at this stage I'm looking for price to continue towards Friday's highs.
Limit longs below the 5-day 50% level.
- All Daily forex reports are written before 11.00am Sydney Time, which is approximately Midnight GMT
