AUD Weekly and 5-day pattern
first 2-days have followed US markets lower, whilst the USD index has broken above the December 50% levels and 3-weeks,which at the monet can signal a change of trend in currencies.
The Trend is DOWN, but it depends on how Wednesday trades.
Resistance 50% level and 3-day filter.
If Wednesday moves down into the 5-day lows, then there is a potential of a higher daily close.
If that happens then the daily close needs to remain below the 5-day levels and the weekly 50% level.
If that happens then Thursday becomes another 'short' sell using a higher daily open and resistance.
At this stage the trend on Wednesday should be defined by Tuesday's lows
Whenther there is a down trend I alway focus using the 3-day filters (yellow) as resistance.
Euro Weekly and 5-day pattern.
Euro far more bearish in the short-term with a break of the 3-week lows, December 50% levels and also Tuesday's lows.
At this stage I would continue look trade the trend (DOWN).
Yellow filter trend guide.
Above Yelow filter and 5-day 50% level is resistance.
- All Daily forex reports are written before 11.00am Sydney Time, which is approximately Midnight GMT
