Euro Weekly and Daily range
the MAY 50% level @ 1.4372 is seen as support (Yesterday's report)
1.4372 supported the trend during the first 10 hours, rising 41 pips, but then it failed, setting up a 11pm sell off down into Wednesday's lows.
Based on the current price action, the expectation is that the Euro is moving down into Thursday's lows and the Weekly lows.
Current resistance around the channel lows @ 11am
AUD Weekly and Daily rangeSadly the AUD didn't rise up into the Wednesday highs (R84 top), because it would have provided a short set-up for a move back down into the start of 11pm levels.
I wasn't expecting Wednesday's reversal on AUD to happen, but as pointed out in yesterday's report....
"I haven't factored in a reversal pattern into the 'dynamic' 5-day 50% level @ 1.0742, but it can happen this week"
It did after 11pm, and it has also broken support levels (Weekly 50% level)
Based on the current price action and below support levels (Weekly 50% level and Daily 50% level, I would think Thursday will continue down into the daily lows...
from there (Thursday's lows) may or may not support the trend..as it moves down into the lower Weekly levels.
I'll be wrong if the AUD begins trading above 1.0753
- All Daily forex reports are written before 11.00am Sydney Time, which is approximately Midnight GMT
