AUD Monthly and WeeklyAs we can see the last week has remained in January and has extended down into January's lows.
Expectation that price is heading down into the 3-Quarter 50% level @ 8442.
However, January's low could end up supporting price on Friday and see a swing back early next week towards the February 50% levels and then the trend continues down.
I don't think today is a day to be trading shorts.
Euro Monthly and Weekly Break and extend pattern in January is heading down into February's lows.
That means this trend continues down until next week and then swings upwards...
or Friday has a large 2-3 day counter-trend move back towards the 50% levels and then the trend continues down into February's lows.
AUD and Euro 5-day patternThere are break and extend patterns from Thursday down into Friday's lows....
Around Friday's lows could provide swing patterns back towards the 5-day 50% levels, which continue higher early next week as per monthly patterns.
- All Daily forex reports are written before 11.00am Sydney Time, which is approximately Midnight GMT
