AUD & Euro WeeklyAUD and Euro rising upwards from lower Monday's and support.
As per the Weekly Report, there is a lot of resistance in the AUD at these levels, but less so in the Euro because of the expected continuation up towards the 3rd Quarter highs.
AUD 5-day pattern and filterEarly selling pressure below the 5-day 50% level and spiral filter moving down a precise 41 pip range before heading higher.
If the AUD is going to go higher, then the level will simply be defined by 86.29
Above and it's moving upwards another 41-85 pips...
Below and it's part of these higher timeframe resistance levels.
At this stage Tuesday looks to be pushing higher
Euro 5-day pattern and Filterbullish on the Euro and I wanted to see price rising up from a lower spiral filter (pink) and continue higher.
But in the early part of Monday it was choppy, until it continued higher and will probably continue towards 1.4676 (Tuesday's 5-day highs)
Around 1.4676 will be another pink filter, and if price is going to continue higher it will be above that...
Around those highs is the 5-day and pink filter, so at this stage it's hard to have a higher probability pattern that the trend will continue to move upwards on Tuesday even though it's part of the overall trend in the 3rd Quarter towards 1.4870
However, it's high risk to be shorting the 5-day highs simply because of the 3rd month 'thrust' pattern breakout of September (chart below)
Euro Monthly
- All Daily forex reports are written aftr 11.00am Sydney Time, which is approximately Midnight GMT
