Euro Weekly and Daily range
Euro didn't move down into the Weekly lows, but instead up into the 5-day 50% level.
Wednesday's trading is simply based on the 5 day 50% level and the Weekly level @ 1.4131/52...
This is seen as resistance for a move down towards the random support levels in the first 12 hour range.
Note:- don't short trade above 1.4252, as the Euro could move back towards the Weekly 50% level
However, the overall trend is to continue lower:- don't trade longs below the Weekly lows
AUD Weekly and Daily range
AUD found support on the Weekly lows and continues to trade above the MAY 50% level.
Yesterday rose back into the 5-day 50% level, without much weakness (41 pips)...
The Trend looks like it will continue higher, however during the first 12 hour, it continues to look like there is resistance around the 5-day 50% level, which could push the AUD back down into the 11am support @ 1.0521
Note:- AUD is trading below the Yearly highs @ 1.0612
Therefore there is still the possibility that the Weekly lows fail to hold
- All Daily forex reports are written before 11.00am Sydney Time, which is approximately Midnight GMT
