AUD Weekly and 5-day patternResistance on Wednesday but no follow through on the downside.
However, that's understandable as there is often a 1-day UP move during a change of trend.
At this stage I would continue focus on shorting currencies in the short-term.
Even though the price action is weak, it's also the price action in the USD index that's bullish that leads me to believe that this week will close lower.
With the 3-day cycles now catching up with price, this can also send the AUD lower.
Note:- high risk trading shorts above the 3-day cycle high
Euro Weekly and 5-day pattern
Euro remains below key levels in the trend.
After 2-down days and the failure of the 1-day counter-trend to close back above those levels on Wednesday, I would have to favour more weakness this week.
Trend guide the December 50% level @ 1,4786
- All Daily forex reports are written before 11.00am Sydney Time, which is approximately Midnight GMT
