Euro Weekly and dailyBased on the current price action, the euro looks to be following a move down from the March highs and rotating back towards the lower Weekly level.
This is to retest last week's breakout @ 1.3878
trend guide to keep an eye on is the lower channel in the daily range @ 1.3960, if below it's part of a down day.
We currently have a breakout of the channel low @ 1.3974 in Monday's daily range, which suggests more short-term weakness.
Any intra-day strength during the first 12 hours and resistance is around the daily channel highs.
AUD Weekly and Daily range
I was looking for more strength on Monday, as part of Friday's support pattern.
Instead, we once again have 2nd 12 hour resistance patterns in the daily range, resulting in a daily channel break, which can push lower on Tuesday.
Whilst the AUD remains above the Weekly 50% level, Tuesday is still seen as a potential 2nd UP day, but at this stage I don't have a high probability 'long' set-up using the daily range.
Therefore, the support is the Weekly 50% level @ 1.0087, with an intra-day trend guide @ 1.0135 (random resistance)
In conclusion:- if Tuesday remains choppy resulting in a 2nd 'stall' day, then from Wednesday onwards we could see selling pressure on the AUD
- All Daily forex reports are written before 11.00am Sydney Time, which is approximately Midnight GMT
