Euro Weekly and Daily range
Monday's breakout pattern (5-day lows) and then retest in the 2nd 12 hour pattern suggests that more weakness is possible this week.
The USD index is rising in the last week of MAY ,whilst currencies are being driven down into their Weekly lows.
Note;- these Weekly lows are random support zones, because the Euro is trading below the MAY 50% level and also the single monthly lows in the last week of the month, this could see the trend can continue to push towards the MAY lows and extend towards thew June lows
Random support @ 1.3937
AUD Weekly and daily range
Yesterday's price action set-up a move down into the lower weekly levels, and at this stage i'm not sure that these Weekly lows will support the AUD for more than 1 day.
A combination of Tuesday's lows and the Weekly lows could see a swing back towards the 5-day 50% level....but after that the trend becomes an each way bet coming into the end of the month.
As a monthly close (MAY) below the Yearly highs @ 1.0612 could see the AUD drop much further.
- All Daily forex reports are written before 11.00am Sydney Time, which is approximately Midnight GMT
