AUD Weekly and 5-day patternshort-term bearish pattern in the AUD failed with Thursday's JOB data pushing price back above the key levels in the market.
Whilst price is above those levels the expectation is that the trend will continue higher.
However, there are two patterns that need to be optimised for Friday's trading.
'Weekly' drop patterns often favour a lower Friday close.
And Thursday's trading is still in a 3-day 'sell' cycle.
At this stage I don't know if the Trend will continue higher, or it's simply a 2-day counter-trend back into the 3-day cycle and the trend continues lower on Friday.
Euro Weekly and 5-day patternThere is nothing to suggest the Euro will rise higher on Friday.
It's below key levels in the market and Friday's 5-day 50% level can easily send price lower.
USD dollar index is above the 3-week highs and Monthly 50% level, which has been key resistance levels for over 9-months, and this should continue to move higher whilst currencies continue lower... as each goes looking for their Yearly 50% levels in 2010
However, if Euro ends up back above the December 50% level and red filter then it could end up rallying in a higher Friday close (fake break)
- All Daily forex reports are written before 11.00am Sydney Time, which is approximately Midnight GMT
