Euro Weekly and 5-day range
Currently price is being supported at the Weekly 50% level....
But there's a breakout of Thursday's lows, that should continue to move down into Friday's lows.
Random resistance @ 1.4621 (confirmed at 11am)
note:- the Euro looks to be moving towards the MAY 50% level 1.43720
at this stage it's too early to tell whether it will hold support (Weekly close), or follow the same patterns as in Index & commodity markets and break those 3-week lows.
Note:- if above the trend guide, then we could see Friday swing back towards Thursday breakout, but I would stick to trying to short trade or stay short.
AUD Weekly and Daily range
11pm breakout of the daily lows has seen the AUD move down into the MAY 50% level @ 1.0550.
At this stage it's too early to tell whether the MAY 50% level will hold support, or whether Friday continues with Thursday's breakout and moves down into Friday's lows, which match the Weekly lows.
Note:- the critical level in the AUD will be the Weekly lows 1.0484
As we have seen with a number of Index and Commodity markets this week, these Weekly lows have broken out and have continued to trend down towards their MAY lows...
MAY lows @ .9913
- All Daily forex reports are written before 11.00am Sydney Time, which is approximately Midnight GMT
