AUD Weekly and 5-day patternAUD reversed down from the 5-day highs and back into the 5-day 50% level.
AUD will start the next Month and Quarter trading above all 50% levels, including the 5-day 50% level.
IF the AUD is going to continue higher this week, then it needs to remain supported above the 5-day 50% level and rise up from today's lower daily open....
Confirmed with another 3-day filter breakout (yellow).
If today fails to rise up, then the expectation is AUD is rotating towards the 3rd Quarter 50% level.
Euro Weekly and 5-day patternBased on a trending Weekly range, the 3-day filter (red) should have supported Euro and closed higher not break lower on Tuesday
Support was valid for a 4 hour period but it failed resulting in a move back down into the Weekly and Monthly BP levels (red)
Today is all about the lower daily open and whether the Euro rises up from the 5-day 50% level or continues down.
The 5-day 50% level along the Monthly and Weekly 50% level should be used as a strong trend guide today.
along with the levels in the 5-day pattern.
I haven't factored in a down day because I'm looking for a higher Weekly move....
But don't trade longs below the 5-day 50% level @ 1.4026
- All Daily forex reports are written aftr 11.00am Sydney Time, which is approximately Midnight GMT
