USD Index Monthly and Weekly
USD Index is currently supported above the 1st Quarterly level (Yellow), which isn't allowing the US Dollar to drop.
Next Week
There is a 5-day high pattern on Friday which suggests next week will move downward over the first 2-days.
if there is sustained weakness then the USD index downside target is the February lows.
If that occurs the Euro will continue to rise.
if the USD moves down 2-days but finds support and the Weekly 50% level and once again begins to trade above 78.40..
then there is the possibility that the USD dollar could rise later in the week.
Euro Monthly and Weekly
As noted in Friday's report...
Expectation that the 2nd 12 hour pattern could provide Friday low support, which it did.
Therefore next week my view is that the Euro will try and rise upwards over the first 2-days, with a target being the weekly highs.
however, if the first 2-days struggle to rise higher than the Weekly 50% level @ 1.36570....
Then traders need to look for patterns from Wednesday onwards, that may result in the euro breaking the Weekly lows, and moving back down into the Quarterly 50% level (Yellow) @ 1.3180
AUD Monthly and Weekly
higher timeframe support and Friday 5-day low pattern...
suggests next week will begin with a 2-day rise...
target the Weekly highs... as long as it remains above the Weekly 50% level @ 1.0016
