AUD Weekly and 5-day patternAUD continued up, but not from my preferred pattern of the Weekly 50% level.
However, once above the pink filter it was going to follow the price action of the S&P 500.
At this stage the bias is to continue higher....
Tuesday's short-term pattern should be defined by the pink filter @ 93.13
Euro Weekly and 5-day patternTuesday might see resistance around the weekly highs, which also match the spiral high (top) @ 1.5063...
however, there is a bias to continue higher, and because price is above the pink filter @ 1.4988, price can follow a double r85 range upwards.
Eventually there is going to be a short-term reversal down this week, and if it's going to follow a similar pattern as the S&P 500, that reversal down might be from a higher Wednesday close and Thursday reverses back down into the Weekly 50% levels.
At this stage i'm treating any resistance levels as minor intra-day resistance levels over a 4 hour period until Thursday.
- All Daily forex reports are written before 11.00am Sydney Time, which is approximately Midnight GMT
