16th MAY 2011 Euro, AUD Daily report

Euro Weekly and 5-day range

as Per Weekly report, there is an expectation that there could be further weakness at the start of this week, as the USD Index continues to move upwards

However, around Monday's lows is random support (Weekly lows), that could see a swing upwards in the 2nd 12 hour pattern

AUD Weekly and 5-day pattern

We have 5-day Friday low support that favours a move upwards (2-days)

but we have a Weekly close below the Yearly highs @ 106.12 and also trading below the MAY 50% level and Weekly level @ 1.05510...

in conclusion:- trend bias is down

however, if it's going to swing upwards, it will probably be after 11pm