AUD and Euro WeeklyBoth currencies are heading back down into support levels, which are around their 5-day lows.
This week they will continue to follow the price action in US equity markets, therefore there is a potential lower close on Friday.
AUD 5-day pattern and spiral filterI was looking for slightly higher prices on Wednesday but the higher spiral 'point' top provided the reversal pattern after earlier finding support on the 5-day 50% level and spiral low.
Whilst price is below the 5-day 50% level and spiral levels the bias is down.
2 pattern play:-
price continues down into the spiral low @ 86.25 and can continue down into a lower pink filter, which is another 85 pips down or around 8549.
If for some reason Thursday continues up early during the Asian timezone, then Thursday should be define by the Yellow 3-day filter.
Euro 5-day and spiral filterSame expectation whilst below the 50% levels.
The will be a spiral filter around 1.4685
Thursday will be simply defined by this level...
Above and it's a random pattern that could see the euro back around the 3-day filter highs (red), during US timezone.
But below 1.4685 and it can also continue to break down and move another 85 pips lower
- All Daily forex reports are written before 11.00am Sydney Time, which is approximately Midnight GMT
