USD index
At this stage it is too early to tell whether the USD index will continue up or drop coming into the 3rd month of the Quarter.
normally when the market breaks above, as it did this week...
the weekly timeframe would continue to trend upwards over the first 5-days, and not reverse down.
The price action might end up providing the continuation of the downtrend, but it would need to be verified using the December levels.
Fundamentally I would say the USD index continues down because of the FED's decision to print money...
but with the problems in Europe at the moment, that might cause traders to flee the Euro and move into the USD
Euro monthly and weekly
Currently trading on major support levels and also a double Weekly low pattern this week
This is setting up for the euro to continue higher...
using the Weekly level @ 1.3638 as a trend guide.
The continuation of the trend won't be confirmed until the euro is trading above the 3-week 50% level
AUD Monthly and Weekly
I would have preferred the AUD to have hit .9641 this week and found support above the 3-month 50% levels.
At this stage it is too early to tell whether the AUD moves down into support levels...
or remains within the Weekly channels
GBP monthly and Weekly
looks to be consolidating until December
if GBP is going to continue higher, the ideal pattern would be for the Weekly lows and matching November 50% levels to be tested @ 1.5809 1.5853
