AUD Monthly and Weekly
There is an expectation of higher prices in the AUD towards July’s highs and probably continue higher into August.
Price is trading above the Yearly 50% level, and has tested the July 50% level and bounced…
Next week’s 50% level is the trend guide for higher moves.
If for some reason Monday pushes downward and closes below the Weekly 50% level, then we need to wait for Daily ‘HOOK’ patterns to trade longs once again.
Hook pattern is a higher Daily close above the Weekly 50% level after a ‘fake’ break closing above the 5-day 50% level at the same time.
That down move can happen because price is below the Monthly BP and not above.
Euro Monthly and Weekly
Euro continues to consolidate around the Yearly 50% level and not going anywhere.
There hasn’t been an ideal set-up to trade the euro, other than being a screen trader and reacting to the levels in the 5-day patterns and taking quick profits.
At this stage, any continuation upwards needs to be confirmed with price retesting the Weekly 50% level.
Any breaks downward early next week, and the view is to push down into the July 50% levels.
At this stage I would continue to trade the Euro based on short-term moves and taking quick profits within the 5-day pattern.
If and when the Euro hits the July 50% level, then clearer patterns should begin to develop.
