AUD Weekly and 5-day pattern
Expectation AUD would move into the 5-day 50% level but then push back down failed.
AUD's Trend is to continue UP towards August highs, but at this stage i'm not sure if AUD will remain range bound within this Weekly range and then continue higher next week towards the 'new' weekly highs next week and August highs.
Friday's trend is simply the 5-day 50% level... higher push up into the 5-day highs...
or a rotating Weekly timeframe with a higher Daily open pushing back down.
No probability on direction trade on the side of the 5-day 50% level.
Euro Weekly and 5-day patternEuro played out the pattern of a 5-day breakout, remaining below the 5-day break.
We can see price is now trading below the Weekly 50% level and below the 5-day break, with the expectation that Friday's higher open should sell down into the Weekly lows and August 50% level.
However, we can also see that the Euro is currently supported around the monthly balance point.
In that case Friday could see a trading back towards next week's highs if the Euro is trading above the Weekly 50% level.
There is an each way bet on the Euro for Friday and I don't favour either way, but there is a possibility that price could move down.
USD IndexThe US dollar Index has risen up from monthly lows but has hit the Weekly 50% level.
The direction this takes will depend on the direction the AUD and Euro takes, but in the opposite direction.
Weekly 50% level can send prices down once again into lower lows in August, which matches higher highs in August in the other two.
However, there is a 5-day breakout in the US dollar index, which often closes higher.
Therefore Friday is an each way bet.
