AUD Weekly and 5-day patternAUD completes the move into the 5-day high .8122 and stalls.
Based on current price action there is no probability pattern for Thursday.
I would use the levels in the 5-day range and look for 4 hour & 41 pip ranges.
Euro Weekly and 5-day pattern
I was expecting more upside on Wednesday, especially once the Euro began rising upwards from Wednesday's 5-day 50% level and completing a double 41 pip move.
However ,I also mentioned in yesterday's report that price often comes down into the 3-day filter the next day.
The most robust patterns always move down early in the first 4-8 hour period and then rise higher from support, instead price moved up in the first 8 hour period and then moved back down into support.
Thursday:- Based on the current 3-day sell cycle and price trading below the 5-day 50% level I would look to short the 5-day 50% level down and use the Yellow filter as a trend guide.
The only thing that's stopping the move down is this week's support:- Weekly 50% level.
Based on the current price action I would look for 4 hour and 41 pip patterns.
No probability pattern on Thursday
- All Daily forex reports are written before11.00am Sydney Time, which is approximately Midnight GMT
