USD index has failed to continue with higher daily closes, as the market remains below the single monthly highs…
And it won’t take much for the Index to close back below the November 50% level (weekly close) and continue down from next week.
The Euro is trading right on key support levels as shown in the monthly chart @ 1.3633.
In the Weekly chart, the double Weekly lows this week and price trading above the November 50% level has to potential to continue higher in the short-term back towards the Weekly level @ 1.3724.
Yesterday’s expectation was that the 5-day 50% level would form resistance, but that changed during the US timeframe
At this stage there is nothing to suggest a lower Friday close unless price is trading below the 5-day 50% level.
AUD Weekly and 5-day range
I was looking for the trend to continue down into the Weekly lows @
9629, however a shift in intra-day dynamics on Wednesday during the
US timezone changed that, resulting in the Weekly level @ 9763 and matching filter push the AUD into a higher daily close
Thursday’s resistance @ the 50% level failed during European trading
hours and now the AUD looks to be moving back towards the Weekly
50% level and Friday’s highs.
I would look at Friday’s highs as resistance during the Asian timezone,
but that can change 12 hours later.
