AUD Weekly and 3-day pattern.
Expectation of higher prices this week, with price above the Monthly 50% levels and bouncing off the Weekly 50% level.
Wednesday’s set-up wasn’t ideal to trade longs simply because the wasn’t any alignment of the 5-day levels, but I knew that if price could find some support above .6872 after the 3-day filter push down then there was a good chance price would continue higher.
Thursday:- 5-day 50% level support for a view of higher prices
Euro Weekly and 3-day pattern.
Bullish on the euro but I expected more upside on Tuesday and more upside on Wednesday but the 3-day filter capped price from rising.
Thursday’s trading is simply defined by a 4 hour close above the 3-day filter.
GBP Weekly and 3-day patternBullish on GBP also, but again there wasn’t an ideal long set-up to trade on Wednesday.
Besides the support on the Weekly 50% level the UP move on Tuesday didn’t provide an ideal set-up for Wednesday..
Thursday:- April 50% level support (and previous 3-day filter)
5-day highs random resistance
- All Daily forex reports are written aftr 11.00am Sydney Time, which is approximately Midnight GMT
