AUD Weekly and 3-day pattern.I bearish on the AUD with the expectation of a move down into the monthly 50% levels.
Currently trading below the 3-week 50% level and also the 5-day 50% level, which aligns with the break of Monday’s lows.
The only conclusion is a continued down move below into Thursday’s lows(and more)
A similar pattern as GBP (read Below)
Limit shorts above the 3-day filter
EUR Weekly and 3-day patternAll this week I’ve been looking for a move back towards the Weekly 50% level (monthly @ 1.3150.
But it wasn’t until the 3-day filter had dropped below the 5-day 50% level that buyers appeared.
Wednesday stalled around the 5-day 50% level.
The only play I can see on Thursday is a push down into the 3-day filter confirmed with a 4 hour low, and then hopefully a continuation upwards into the 5-day highs or 1.3150
Limit longs below the 3-day filter as the set-up has failed and could result into a break on the downside.
GBP Weekly and 3-day pattern.Same pattern as AUD, retest the Monday breakout of the 5-day lows and 3-day filter highs, and sell down into the 5-day lows again.
This completes the move back into the Monthly 50% level,which are viewed as strong support, until it breaks.
At this stage expectation is to continue down into Thursday’s lows (random support), but any break above the 5-day 50% level and 3-day filter on Thursday is part of the Monthly 50% level support
Exact levels shown for current day aren't confirmed until midnight GMT
At this stage expectation is to continue down into Thursday’s lows (random support), but any break above the 5-day 50% level and 3-day filter on Thursday is part of the Monthly 50% level support
- All Daily forex reports are written aftr 11.00am Sydney Time, which is approximately Midnight GMT
