AUD Weekly and 5-day pattern
Based on Tuesday's failure to close above the Weekly highs (5-day breakout), I would look for a 11am close below the Weekly highs and use this level as resistance.
This is based on a higher Daily close and 'sell' resistance.
It is not a forgone conclusion AUD or Euro will move back towards the Weekly 50% level because there is a larger Trend that is pushing prices higher, as per Monthly trend
Wednesday is a simple case of trading or not trading on the correct side of those Weekly highs.
Euro Weekly and 5-day patternAt this stage, if there is a 11am close below the Weekly highs then the bias is to move down.
The Yellow filter shoud be used as a trend guide.
At this stage there isn't any set-up to trade any 'longs' around these highs.
- All Daily forex reports are written before 11.00am Sydney Time, which is approximately Midnight GMT
