AUD Weekly and 5-day patternYesterday's price action was bullish right until there was the R85 close below 92.66
Once that occurred the minimum move down was going to be 85 pips.
Friday's trading is about whether AUD continues down whilst below the Weekly 50% level and 3-day cycle lows and heads back towards the 3-week lows
There is also a breakout of the 5-day lows from Thursday @ 92.25, which in theory should remain below this level
There is a 3-day cycle breakout, which can often swing upwards and move into a 2-day stall pattern, but Friday isn't a BUY day based on current price action.
Euro Weekly and 5-day pattern
Euro currently consolidating and swinging within the spiral filters.
Yesterday I was bullish, as Price was trading above the 50% level, but once price was trading below 1.4941 the bias was to continue down 85 pips.
At this stage, price can move towards the channel highs and form a higher pink filter @ 1.4997.
trend guide is 1.4889
- All Daily forex reports are written before 11.00am Sydney Time, which is approximately Midnight GMT
