AUD Weekly and 5-dayBoth currencies have closed above the 3-month highs (September) therefore there is an expectation that the trend should continue towards the October highs.
Both currencies are trading above the Weekly 50% levels, which are the trend guides this week, and have bounced off the Friday lows (5-day lows), which often leads to the start of the Week rising upwards in the first 2-days.
However, because this is a new Quarter and a new 3-month cycle I would like to see price test support.
Support is either the 3-week lows and October 50% levels first, before the potential UP move takes place.
Euro Weekly and 5-day patternI would like the euro to test the 3-week lows in this Quarter, because it is the same pattern that occurred in the last quarter after the monthly close above the 3-month highs in MAY.
Test the 3-week lows find support and then trend higher.
3-week lows match the October 50% level
- All Daily forex reports are written aftr 11.00am Sydney Time, which is approximately Midnight GMT
