Euro Weekly and 5-day pattern
Wednesday reversal and back into the middle of the 5-day range.
I'm bearish and continue to be bearish on the euro, but price can still remain with a slight upwards bias until the start of April (3-month 50% level).
If the Euro is going to continue down then the yellow filter is the trend guide:- 41- 85 pips.
Above the yellow and it's more rotation towards the highs.
AUD Weekly and 5-day pattern
AUD reached the Weekly highs, with an upwards bias towards March highs.
Once again the trend guide is Wednesday's 5-day high @ 92.30.
If the Weekly highs is a resistance pattern then price will rotate back towards the 5-day 50% level.
At this stage there is a 5-day high breakout on Wednesday and whilst price is above 92.30 the bias is to continue towards Thursday's high.
- All Daily forex reports are written before 11.00am Sydney Time, which is approximately Midnight GMT
