AUD Monthly and Weekly...April highs reached and now the expectation is a pullback into the Monthly 50% level.
But that won't happend unless price is trading below the Weekly 50% level.
My strategy remains that the 3-day filter is the best level to trade shorts from on any given day.
Euro Monthly and Weekly
As already explained, this week I expected Monday's rally but then for Tuesday to continue higher.
Once Tuesday failed to remain above the 5-day 50% level the rest of the Week struggled, resulting in Friday's sell off.
Now Euro is trading below monthly 50% levels therefore the bias is to continue down.
However, I would like to see a move up from lows next week to retest the Weekly 50% level before any down trend continues.
Daily report on Monday but I would look for a push down into the 5-day lows and then look for a 2-3 day UP move into the Weekly/Monthly 50% levels.
GBP Monthly and Weekly
The Trend is still up and can continue higher.
At this stage I'll still be looking for 'support-BUY ' patterns at thsi stage...
And if a 3-day filter comes along from a higher Daily open I'll short it.
Simply because if other currencies are going lower, then GBP can easily follow the same trend.
- All Daily forex reports are written aftr 11.00am Sydney Time, which is approximately Midnight GMT
