AUD & Euro WeeklyBoth currencies are still trading above their September highs, and with the potential to reach their Weekly highs this week...
There was a push down on Monday, but Tuesday can set-up a two pattern play....
1. Continues higher during GMT and US time zones
2. Sells off on the higher Daily open during the Asian Time zone
AUD 5-day pattern and spiral filterYesterday's view was that price was coming down from the R85 Range and that a close down would put currencies below their 5-day 50% levels, which was bearish on Monday
If there is going to be an Asian sell off today, then the spiral filter (R85 high) and 3-day filter will continue down from 86.75 and continue to fall down into support.
An extreme bearish pattern would be to see Tuesday close below support.
If there are going to be a higher moves during GMT and US timezones
Then I would still think there will be a 41 pip reversal down during the Asian timezone, but if price starts to trade above the R85 high @ 86.75, then the expectation is that Tuesday is following the September high breakout pattern.
Euro 5-day pattern and spiral filterThe exact same set-up on the Euro....
If price is below the Yellow and pink then the expectation price is going down:- 41 pips and maybe more
If price is above the pink & Yellow then it's going higher, based on the september breakout pattern towards the Weekly highs.
- All Daily forex reports are written aftr 11.00am Sydney Time, which is approximately Midnight GMT
