USD Index
This week's expectation was a 3rd Week reversal beginning with 2-days.
However, as pointed out in the weekly report, the 3-quarterly levels will have a big bearing on whether the USD goes up, or it remains range bound.
One thing for sure, it looks like it's going lower into 2011
Euro Weekly and Daily range
The price patterns in the USD index helps somewhat in giving reason why currencies haven't gone lower.
The euro can go lower on Thursday or at least remain range bound below 1.3993.
but it can also continue to push upwards.
no probability in which direction the euro takes.
Use the levels for the next 12 hours.
AUD Weekly and 5-day pattern
Wednesday failed to continue down as part of the larger cycle
reversal pattern from .9979 and Tuesday’s breakout
My Preferred pattern was for AUD to move up into .9814 and the spiral
top during the first 12 hours and get sold down during the US time zone.
Except the opposite occurred, and the US time zone pushed price higher
85 pips
I would like to think price will continue down based on the larger
cycle patterns, but based on the current price action Thursday can
push upwards.
Because of the October high patterns I'm reluctant to trade any longs
Trend guide 98.90
- All Daily forex reports are written before 11.00am Sydney Time, which is approximately Midnight GMT
