Equity and Currency markets have followed the same pattern of higher Weekly opens and reversal patterns down towards timeframe 50% levels….
AUD Weekly and 3-day pattern
AUD followed the reversal down , and at this stage the view is to continue down towards the Weekly 50% level.
At this stage I wouldn’t be trading long positions until price is either much lower or finding support around the 5-day lows.
3-day filter resistance.
Euro Weekly and 3-day pattern
Euro moving into support, sadly it just didn’t move up high enough to get into shorts around the 5-day highs on Monday.
The most likely support would be using both the Weekly and 5-day 50% level….
Below and it’s moving down into the 5-day lows and brown Weekly 50% level.
However I still like to always use the 3-day filter as support for a move towards the 5-day highs, and at this stage the 3-day filter is much higher.
If there is support on Tuesday I’m struggling to see a major up moves, therefore I would like to see some support on Tuesday around these levels and then look for a better much more robust Long from Wednesday.
GBP Weekly and 3-day pattern
GBP reversal but again not high enough and the 3-day filter.
At this stage the 5-day 50% level is supporting the market.
3-day filter resistance.
Likely pullback into the Weekly 50% levels and 5-day lows.
- All Daily forex reports are written aftr 11.00am Sydney Time, which is approximately Midnight GMT
