Dollar index continues to rise and follow the 2nd weekly high pattern.
The extreme bearish pattern and ‘sell’ off from the November 50% level isn’t playing out at this stage.
The only way to confirm this would be for the 2nd weekly highs and Tuesday to reversal and close back below the November 50% level.
While that happens currencies continue to remain flat with a downward bias
Euro has continued down with the weekly pattern and 5-day 50% level on Monday.
Tuesday can continue to push down into the lows.
At this stage it is too early to say whether the Euro will continue upwards until it is trading above 1.3724
AUD Weekly and 5-day pattern
AUD trading below the Weekly 50% level and looks to be moving down into Tuesday’s lows and also the lower weekly levels @ .9763
This morning there was a breakout above .9905, which I went long on looking for a move back towards the 5-day 50% level @ 9962… (85 pips up)
but that failed, instead reversing down 85 pips
Trend guide on Tuesday .9850
Random resistance 5-day 50% level and channel highs @ .9912
if above .9912 it once again becomes a potential minor breakout during the 12 hours back towards .9964
otherwise the trend bias to continue down into Tuesday’s lows
