AUD Weekly and 5-day pattern
AUD continuing down towards the Weekly 50% level and monthly BP level.
5-day breakout on Tuesday should continue down into Wednesday's lows.
two pattern play could be either an early rise into the 3-day filter and sell downwards....
or Wednesday's 5-day low could play a support role and a move back towards the 5-day 50% level to retest the break late Wednesday-Thursday.
5-day 50% level either Wednesday or Thursday should continue to be part of the strategy of trading down towards the Weekly 50% level
Euro Weekly and 5-day patternYesterday I was looking for any hint of a HOOK pattern and a higher daily close, and I thought that the 4 hour close above the 3-day filter would see price swing back towards the 5-day 50% level.
It was a valid expectation because price was trading around higher timeframe support.
Instead Tuesday remained flat.
Wednesday has a random pattern, which could see lower prices into the the 5-day lows once again.
I can't see a higher move now unless price is above the 3-day Red filter (4 hour close once again)
- All Daily forex reports are written aftr 11.00am Sydney Time, which is approximately Midnight GMT
