Euro Monthly and Weekly
Whilst the euro remains above 1.3516 the trend bias is to continue upwards..(February 50%)
However, in the Weekly timeframe we have seen the past 5-days consolidate after an early rise upwards this week.
If the Euro is going to continue higher, then Friday's daily lows need to hold support.
This will help validate support and we begin next week with a 2-day rise
Euro Weekly and Daily range.
Today:- during the first 12 hours my view is that the market will likely remain below the trend guide, which is seen as resistance, and once again push down into the lows on Friday.
any weakness down into Friday's lows @ 1.3497 could occur in the 2nd 12 hour period.
it's those lows that are going to determine whether the Euro continues higher next week.
AUD monthly and Weekly
My view was for the AUD to continue upwards this week, whilst above 1.0117...
but the price action has changed in the short-term & reversed back down towards the February 50% level, which is a similar pattern as last December, and also a similar pattern as the Euro earlier this week.
If the trend is going to move upwards, then these 50% levels (Weekly also) need to hold...
and we then validate support by next week's open
AUD Weekly and daily range
Yesterday had an early rise # 1 ...
But then it failed, confirmed with a Thursday low breakout #2
Expectation is that price is heading down into Friday's lows @ 9972 #3
These lows also match the Monthly and Weekly 50% levels @ .9974/76
Therefore if these hold support then there is the expectation that next week will begin with a 2-day rise... that can see further gains later in the month towards the highs.
- All Daily forex reports are written before 11.00am Sydney Time, which is approximately Midnight GMT
