Euro Weekly and Daily range
The euro didn't retest the support levels on Wednesday, but it has continued up into the Weekly level @ 1.3766, which has formed resistance.
Because the Euro is trading above the monthly 50% level, the expectation is for the trend to continue towards a higher Weekly close by Friday... (weekly highs)
helped by Wednesday's close above the Daily highs, and probable extension up into Thursday's highs.
However, as seen over the past number of weeks, these weekly highs (white) have often formed resistance, pushing the trend back down into a large consolidating pattern during the first Quarter.
Therefore:- don't trade longs below the brown filter, as price is moving back down into the intra-day random support levels @ 1.3699.
AUD Weekly and daily rangeExpectation that the AUD would have a better chance of moving upwards during the 2nd 12 hour pattern failed to play out, as first support @ 1.0015 failed...
Price then moved down into 2nd support, which often provides the best set-up for the next leg upwards in the following day.
My view is that the AUD is above the 3-month 50% level and trying to move upwards, however at this stage it's still below the Weekly 50% level.
If the trend is going higher, then Thursday should begin the next leg upwards, and remain above 1.0053
Note:- my view is for the AUD to continue higher, however I can never discount AUD selling down on Thursday and back towards the February 50% level @ .9912 and Weekly lows.
This view isn't pattern of today's set-up, based on Tuesday's price action.
- All Daily forex reports are written before 11.00am Sydney Time, which is approximately Midnight GMT
