AUD monthly and WeeklyAUD continues from the previous 3-Quarter breakout into the highs of the next Quarter.
There is a potential continuation up towards 95cents which is the Yearly pivot highs.
However, in the short-term I would treat AUD as range bound and supported (October highs)
Euro monthly and WeeklyEuro completes the breakout pattern from September into October.
There is a potential move towards the Quarterly highs @ 1.5152
However, treating Euro as range bound (October resistance) and using the Weekly 50% levels as support.
GBP Monthly & WeeklyI was surprised by GBP this week, simply because a 'precise' double low pattern didn't play out.
Didn't reach the 2nd monthly lows or the 3-week lows to get support, and now there is a Weekly close above the 3-month 50% level.
This is bullish, as price is trading above the 3-Quarter 50% level and there is a potential move towards the 3 Quarter highs @1.725.
However, because price has hit the 3-week highs and stalled, it's still early to tell whether GBP will continue higher, or next week actually drops back below (higher Weekly open)
In the short-term:-
5-day 50% level support and the 3-month 50% level support and trend guides next week
The best set-up on GBP would be to actually see GBP close out October and then use the Monthly balance point as support and trade upwards from November.
- All Daily forex reports are written before 11.00am Sydney Time, which is approximately Midnight GMT
