AUD Weekly and 5-day pattern
AUD continues up into the Weekly highs, and there wasn’t any 4-hour selling around the 3-day filter on Tuesday
There is a breakout of Tuesday’s highs, so naturally I would look for a continuation higher….
But a higher Daily open around the Weekly highs @ 77.57 can also reverse back down into the 5-day 50% level.
The 5-day 50% level is a random support zone ,which could support price for a 4 hour period, but it wouldn’t surprise me to actually see the AUD have a down day that takes it all the way back toward .7559.
Simply trade on the side of .7757
Euro Weekly and 3-day pattern.
Swing trade up from a lower Weekly open has continued higher on Tuesday stalling @ 1.3665.
With price already around 1.3665, and a higher Daily open, it’s hard to be trading longs.
At this stage my view is a rotation back down into the 3-day filter and 5-day 50% level.
5-day 50% level:- random 4 hour support
A bearish pattern from a higher daily open can break the 3-day filter, and move down into the Weekly 50% level, because of the test of the 3-day high and rejection pattern down into a lower Weekly close....
or price can bounce off the 5-day 50% level and 3-day filter and have a higher close, breaking 1.3665 and heading into a higher Wednesday close as it heads towards the Weekly & MAY highs
GBP Monthly and Weekly
I have no patterns to trade GBP on Wednesday...
At this stage it looks like heading straight Yearly balance point around 1.6431
- All Daily forex reports are written been 11.00am Sydney Time, which is approximately Midnight GMT
