USD Monthly and Weekly
At the start of this week I was looking for the USD index to continue upwards in the first 2-days to complete the move into the September 50% level...
However, the change in the monthly timeframe in September, along with the levels in the Quarterly timeframe now has the USD index moving into a similar pattern as equity markets and remaining range bound during the 3rd quarter.
price is trading around the Weekly 50% level, but there is a 5-day breakout which may see lower prices:- break and extend down into Thursday's lows.
Euro Weekly and 5-day pattern
Shift in monthly dynamics has seen the euro rally back towards Weekly 50% level.
Trading around timeframe resistance levels, but there is a breakout of the 5-day highs on Wednesday, which should extend into Thursday's highs.
Thay's either going to happen using the 5-day 50% level as support or using the trend guide and 4 hour closes :- 1.2825.
Thursday's highs are seen as resistance, but traders should keep an eye for the potential continuation upwards this week:- 1.3083
and then 1.3246
AUD Weekly and 5-day pattern
AUD trading around the Weekly level @ 9095.
This could push price back down into the 5-day 50% level, which is also part of retesting yesterday's breakout of the 5-day high.
If trading above 90.95 then there is a bias to move upwards this week towards the Weekly highs.
GBP Weekly and 5-day pattern.
- All Daily forex reports are written before 11.00am Sydney Time, which is approximately Midnight GMT
