Euro Weekly and Daily range
The euro continues to push upwards without providing a high probability set-up on Thursday.
The channel highs broke out during the first 12 hours, and the 2nd 12 hour pattern provided a 41 pip up move.
Today:- as long as it remains above the channel highs, the trend bias is to continue towards Friday's highs, which match the Weekly highs
Those upper levels are seen as random resistance levels on Friday, as the 1st quarterly highs @ 1.4096 could stall the market from rising further, but it would need to close below on Friday and then continue down next week, starting with a 2-day reversal pattern
AUD Weekly and Daily rangeMy view is that the AUD is moving down towards .9633 matched with the Weekly breakout pattern and next week's lows.
However, Thursday's set-up didn't continue down, instead it remained choppy.
I still have the view that the AUD will continue down, but Friday's set-up might not provide that expectation.
There are two patterns at play on Friday...
#1 ) The AUD moves up into the 5-day 50% level and channel highs & then sells down, breaking 12 hour support and following the larger trend lower.
#2) 12 hour support comes into play early and pushes the AUD back into the 5-day 50% level, which will then decide if it will continue down, or the 2nd 12 hour pattern pushes Friday back towards the Weekly low breakout @ 9985/93
I favour #1 occurring, but I won't be surprised if #2 happens, simply because the March low @ 9796 has been reached, and the AUD is now rotating up towards next week levels
- All Daily forex reports are written before 11.00am Sydney Time, which is approximately Midnight GMT
