AUD Monthly and WeeklyLast week's bounce off the July 50% levels @ 7726 and the Friday close above the Quarterly 50% @ 7996 should continue to Drive the AUD up towards 83.80 +
AUD Weekly and 5-day patternThere was a 4 hour close above the Yellow filter @ 80.60 on Monday pushing the AUD higher.
I wasn't expecting a 5-day high breakout on Monday, but with this pattern price should continue towards Tuesday's highs @ 82.10.
Day traders would need to trade on the side of the Brown filter if expecting higher prices.
Once around Tuesday's highs is random resistance:- 41 pips with a max move down towards the 5-day 50% level @ 80.90
Note: limit any longs below the brown filter @ 81.40 after 11am
Limit any short trading above 82. 10, as there is a larger trend pushing the AUD upwards.
Euro Weekly and 5-day patternTrade on the side of the Yellow filter using 4 hour patterns.
Above and it's pushing up towards Tuesday's highs.
Below and the expectation is a rotation back down into the red 3-day filter...
and ideally back towards the Weekly 50% level by Wednesday.
- All Daily forex reports are written before 11.00am Sydney Time, which is approximately Midnight GMT
