AUD Weekly and spiral
precise top on Wednesday matching spiral and 5-day 50% level has resulted in the continuation down into the Weekly 50% level and a close below.
At this stage whilst price is below, AUD's line of least resistance is down into the Weekly lows
resistance 90.40
Ideally I would like another R85 rise on Thursday during GMT hours...
But Thursdaycan continue to trend down without a swing because of the breakout of the 5-day lows.
Euro Weekly and 5-day pattern
There is less room to move on the euro on the downside because of the Weekly lows.
resistance the Weekly 50% levl.
- All Daily forex reports are written before 11.00am Sydney Time, which is approximately Midnight GMT
