USD Index Weekly and 5-day patternAs per Weekly report, I was bearish on the USD index, which meant I was bullish on Currencies.
The 2-day reversal has resulted in a break of support and a break of the 5-day lows.
This means that the Index can continue down all this week towards the Weekly lows, as long as it remains below the Weekly 50% level and 3-day cycle.
AUD Weekly and 5-day patternThere is a breakout of the 5-day highs on Tuesday, which should see the AUD continue to move up towards the Weekly highs.
Support 5-day 50% level.
Euro Weekly and 5-day pattern2-day reversal has completed, but still below the Weekly 50% level.
This could see the Euro push downwards again and remain within the 5-day range.
However, if the USD has broken support then this could see the Euro continue higher on Wednesday:- 3rd UP day.
Price needs to be trading above the 3-day cycle 'white'
- All Daily forex reports are written before 11.00am Sydney Time, which is approximately Midnight GMT
