AUD weekly and 5-day patternYesterday's view was based on currencies rising because of the August 50% level resistance in the Dollar Index.
However I did expect more strength in the AUD and not remain in the 5-day range.
There is a two pattern play......
Friday continues higher, but unless you're already long there isn't an ideal set-up to get back into longs.
Either price comes down into the 5-day 50% level and find support.
Note:- Friday's highs are a random resistance level.
I would not surprise me either to see the AUD close in the middle of the Weekly range on Friday because of Thursday's faillure to breakout
EURO Weekly and 5-day patternI expected more upside on the euro on Thursday and to be trading around the 5-day highs...
Friday is simply going to be either a continuation of the trend upwards towards the Weekly highs
or a friday 'stall' pattern, and then next week's 50% level becomes support....
The RED filter is your trend guide on Friday.
- All Daily forex reports are written aftr 11.00am Sydney Time, which is approximately Midnight GMT
