AUD Weekly and spiral pattern.Spiral top formed on Tuesday and continued higher 85 points.
The market is now trading around the December 50% level and also the Weekly 50% levels.
This is either going to result in a higher daily open and swing down on Wednesday (next day after the change of the 3-day cycle).
Or, because of the R85 range( breakout above the highs)...whilst above 89.38 the AUD should continue to move upwards and complete the next R85 range and move into the next day's highs.
Note:- if that happens then by Thursday the AUD could be trading back around the Weekly highs @ 91.49, as price is back above the higher timeframe 50% level.
Key trend guide on Wednesday is 89.38 along with the December 50% level @ 89.40
Euro Weekly and 5-day pattern
2nd day stall and 5-day 50% level support.
As per Yesterday's report, this price action can lead to a move upwards on Wednesday, but that will need to be confirmed by a 4 hour close above the red 3-day filter, and towards the January 50% level (higher Weekly close)
The only concern about how far Euro move upwards, is the Quarterly 50% level @ 1.4417, as this could act as a resistance level for the next 2-days.
If Wednesday is below the 5-day 50% level, then the bias is to follow the move back down.
- All Daily forex reports are written before 11.00am Sydney Time, which is approximately Midnight GMT
