AUD Weekly and 5-day pattern
Expectation of a 2-day stall/reversal down into Weekly 50% level support didn’t play out precisely.
But along the way the 3-day filters provided some resistance and profits in the short-term.
After the 2-day reversal there is a bias to continue higher due to the MAY high breakout.
Wednesday is hard to be trading longs around this level.
3-day filter resistance, which might provide 4 hour resistance into the 5-day 50% level.
But shorting now becomes higher risk on the 3rd day
Euro Weekly and 3-day pattern.
The same 2-day stall pattern on the Euro, and now the bias is to going higher.
The 3-day filter can resist price once again, but limit trading any shorts on the 3rd day above the 3-day filter.
Note:- I won’t trade longs above the 3-day filter.
I would prefer to see the EURO continue up but come back down and retest the 3-day filter the next day before trading longs using the 3-day filter as support on Thursday.
Otherwise I would prefer to trade longs around the Weekly 50% level.
GBP Weekly and 3-day pattern.
Same applies on the GBP
- All Daily forex reports are written before 11.00am Sydney Time, which is approximately Midnight GMT
