At this stage I'm treating currencies as short-term reversal patterns, simply because of the expectation that the USD index will continue higher.
AUD & Euro Weekly
AUD back above higher timeframe 50% levels and 5-day 50% levels, whilst the Euro is far weaker, with the expectation price will continue down into the Weekly lows and December lows.
However, at this stage a 2-day reversal pattern can take the Euro back towards the Weekly 50% levels, whilst the AUD can move upwards.
AUD 5-day and spiral filter.
The trend guide is the 5-day 50% level on tuesday, which could result in a continuation upwards, as price is trading above the Weekly 50% levels,
However, because it's a higher daily open I would continue to use the 3-day filter (yellow) as a 4 hour reversal (41 pip) pattern, and see where price ends up by the time the US time zone catches up
Euro 5-day pattern and spiral filter.
If the trend is going to continue down, then the most logical level would be the 5-day 50% level and down into Tuesday's lows, and should breakout.
If price is above the red filter coming into the GMT-US timezone, then Tuesday will be part of the 2nd day reversal pattern
- All Daily forex reports are written before 11.00am Sydney Time, which is approximately Midnight GMT
