USD Index
USD Index is back below the Yearly 50% level after being rejected by the 3-Quarterly 50% level and monthly high.
I would normally treat this as a trending pattern, but for that to happen it needs to break support @ 78.76 and continue down towards the 3-month lows.
otherwise the USD index can move into a consolidation pattern between the recent highs and support.
Euro monthly and Weekly
How that's going to effect the euro is what we need to keep an eye on.
The Euro is either going to continue to trend upwards....
or it's going to follow a double weekly high pattern, but then reverse back down towards the #-Quarterly 50% level @ 1.3180.
Short-term pattern:- we have a Friday high pattern, which will often move into a 2-day reversal pattern
therefore the trend guide is 1.3438
Weekly 50% level support and Tuesday's 5-day lows
if above 1.3438 then it's following the move towards the 2nd Weekly highs.
AUD monthly and Weekly
After finding support this week I was looking for price is move above November's 50% level, but as pointed out yesterday , Thursday's 2nd 12 hour highs stalled AUD.
At this stage it's too early to tell whether the AUD continues down into next week's lows....
or it remains above monthly support, and then continues upwards during the last week of the current month.
At this stage I still favour higher highs in 2011.
