Euro Weekly and daily range
Euro currently consolidating between the Weekly levels during the first 2-days this week.
However, after 2-days of not moving upwards, but closing below the monthly 50% level @ 1.3516, there is now the potential for the Euro to continue down towards the Quarterly level @ 1.3180.
The Trend guide is going to be the brown filter at 11am in the daily range.
The white channel highs are seen as resistance @ 1.3533
and the first sign of the euro going lower is a break of the channel lows and continuing down into Wednesday's lows :- random support.
my view is that the Euro is going lower, simply because of the first 2-days trading below monthly 50% level.
If I'm wrong, then the Euro will be trading above 1.3527 (Weekly level) and above daily channel highs (resistance)
AUD Weekly and Daily rangeWe have a similar pattern as last week, the AUD can't remain above the 85 pip highs, and is now rotating down towards .9921 and Wednesday's lows.
As noted in Yesterday's report... it next leg upwards was based on 2nd support, and 2nd support failed to hold
Based on the daily range:- my view is that the AUD will continue down, and follow the daily range
- All Daily forex reports are written before 11.00am Sydney Time, which is approximately Midnight GMT
