AUD Monthly and WeeklyHigher Weekly open last Week and I was expecting more weakness in the first two days, especially with Tuesday's rate cut.
The ideal pattern was for the AUD to come back and retest the April 50% level (like GBP below), and then trade upwards from a lower Weekly open next week.
Next Week:- at this stage the bias is to continue higher in April, but I would still like to see a retest of the Weekly 50% level or 5-day lows to get some leverage on the way up.
Weekly highs:- random resistance
Euro Monthly and Weekly
Euro reversed down into support, but then expected upside Buying on Thursday because everything just lined up.
Instead Thursday failed to remain above 1.3225, and now there is a Friday close below support.
At this stage not a good sign for any higher moves
Next Week:- I'm not going to discount a higher move if price is rising up from a lower Weekly open and trading above the Weekly 50% level @ 1.3150
But we need to see the 3-day filter breakout (Daily report out on Monday)
GBP Monthly and Weekly
When looking at GBP it seems like it's trading in a text book pattern....
Higher Weekly open and move into the April 50% level :- support.
And a higher move begins from support and a lower Weekly open and continues higher
That's not going to happen if next week opens below support and price is trading below the Weekly 50% level @ 1.4571
In conclusion:-
AUD:- current trend is bullish, but in the short term I want to see a pullback.
Euro:- current trend is bearish with price to continue lower, but the 3-day filter and the Weekly 50% level @ 1.3150 will set the trend for next Week.
GBP:- current trend bullish with the expectation price should continue higher, but not below the Weekly 50% level
- All Daily forex reports are written aftr 11.00am Sydney Time, which is approximately Midnight GMT
