AUD Weekly and 5-day pattern
As mentioned Yesterday.....
"Because of the trend (rising up from the Quarterly 50% level), the expectation remains that there is a bias towards a higher Friday close...there is a pattern that normally occurs to retest Monday's 5-day high breakout and 5-day 50% level before any potential trend continues"
The pattern I wanted to see was a complete move down into the 5-day 50% level (and/or R85 low), and then have the view that the rest of the week would have an upward bias into Friday.
Sadly that didn't play out
No probability pattern for Thursday
Euro Monthly and WeeklyA number of resistance levels make it hard to think it's going to go higher.
However, a Friday close above the January 50% level and it probably will continue higher.
Yesterday's expectation was a push down from the 5-day 50% level and continue lower.
However, there was a spiral low and HOOK back above the 50% level.
There are two patterns that can take place...
1. the R85 range comes back down and forms a lower support level and continues upwards (or breaks 1.4343)
2. Thursday finds support above the 5-day 50% level and begins trading above the Yellow filter and Weekly 50% level.
If that happens then I would think that price is heading towards the January 50% level and most likely a higher friday close.
- All Daily forex reports are written before 11.00am Sydney Time, which is approximately Midnight GMT
