AUD Weekly and 5-day pattern….
I wasn’t expecting such a drive upwards on Wednesday because of the position of the Weekly 50% levels but more importantly the 3-day filters.
Usually I’ll get an alert of higher prices when the 3-day filter drops below the 5-day 50% level providing a better set-up to trade longs
With these moves on Wednesday there is now an expectation of higher prices in MAY, as long as price remains above the MAY balance points. (.7143)
As per last Week’s Weekly report, I was hoping to some consolidation early this week and use the monthly balance point as a level to trade longs from.
Therefore there is no probability pattern on Thursday.
Hopefully price can still come back down into this level before price moves towards the MAY highs.
Euro Weekly and 5-day pattern.
I certainly wasn’t expecting the Euro to rally like it did.
Simply because the 3-day filter was above the 5-day 50% level.
The Euro is trading in the middle of the Weekly 50% levels and already around the 5-day highs:- Higher Daily open.
But if the Euro is going to continue higher then it should find support 4-hour support around the 3-day filter highs (red Support) and move towards Thursday’s highs.
The Euro is going to give far better clues by Thursday’s close and trading either side of the Monthly balance point.
But there is nothing to suggest that the Euro won’t move up towards the Weekly highs this week.
Trend guide the 3-day filter.
GBP Weekly and 5-day pattern
GBP already trading around the 5-day highs...
Ideally I would like to see GBP move down into support ( lower Daily close)...
And use the Support levels and trading the move UP towards the MAY highs.
- All Daily forex reports have been written before 11.00am Sydney Time, which is approximately Midnight GMT
