AUD & Euro Weekly
More lower Weekly rotation taking place, with the euro lagging on Monday's UP move even with the US equities markets rising.
At this stage I'm treating currencies as range bound until the end of this week and we move into the 4th Quarter from next week.
Whilst currencies are above their September highs the bias is to continue higher in the 4th Quarter.
However, sometime in October I would prefer to see the 3-week lows tested before any new UP trend continues higher.
AUD 5-day pattern and spiral filterIf there is going to be more rotation in the AUD, it will be defined by the 3-day filter.
Even better still would be using the R85 highs and 87.80-88 as a resistance point in a rising UP trend.
Euro 5-day and spiral filter
If the Euro is going to move higher it will need to complete the R85 high and continue to rise upwards above the 3-day filter.
If Tuesday fails to break the 5-day 50% level:- 2nd day rise from the lower Weekly open then there is a possibility that the Euro is moving back towards the Weekly lows and/or October 50% levels next week.
- All Daily forex reports are written aftr 11.00am Sydney Time, which is approximately Midnight GMT
