AUD Monthly and Weekly
AUD reversing down from the MAY highs and the Yearly 50% level, with the expectation that over the rest of this Quarter price is heading down towards the monthly balance point @ .7170.
Next Week is a lower Weekly open and the Weekly 50% level should be used as a trend guide @ 7384.
We can see that the most robust short patterns all started from higher Daily opens, on both Wednesday and Friday…..
AUD 3-day pattern
And as pointed out in last Week’s Report:- we should
that's simply going to be found out next week:- higher Weekly open
and using the 3-day filter as part of a 'short' and hold pattern.
And both those patterns aligned with key levels in the market(3-day filters), along with a higher Weekly open and reversing down from the Highs.
Euro Monthly and Weekly
I really wanted the Euro to move down from the MAY highs.
At this stage I don’t have a long term view on the Euro other than looking for maybe 1 or 2 probability patterns during the week if your not a screen trader and trading smaller intra-day moves.
At this stage price is range bound between the Weekly 50% levels and the MAY highs.
5-day pattern
When you compare the AUD and the Euro, the AUD probability patterns were much easier to trade using limit entries, as everything aligned
When it came to the Euro to maximize the trading set-ups, you really had to be a screen trader to verify the patterns.
Friday:- 5-day breakout of the lows, so we should be short trading the 5-day 50% level and 3-day filter down towards the Weekly 50% level.
GBP Monthly and Weekly.
Small Weekly range around the highs with the pound not following the same ‘sell’ patterns.
Because it’s a tight Weekly range around the MAY highs, I would treat the 5-day 50% level next week as a ‘sell’ and hold Weekly timeframe.
If the GBP can sell down from the 5-day 50% level on Monday and break the 5-day lows (first target Weekly 50% level @ 1.4975)…
There could be a larger Weekly timeframe move down over the next 5-days.
Basically the 5-day lows need to break.
