USD Index
As notes in the Weekly report, I'm bullish on the USD in the short-term unless they announce QE3.
However, as we can see, there has been a 2-day down move in the USD dollar and is now testing the June 50% level.
Basically, if the USD dollar is going to rise, then Wednesday needs to rise off the June 50% level and close back above the Weekly level @ 75.56
Euro Weekly and Daily
As noted in Yesterday's report, even though the Euro was hitting larger timeframe 50% levels, the patterns in the 12 hour range suggested more upside.
And by looking at the first 12 hour pattern, it once again looks like pushing upwards during the first 12 hours.
In conclusion:- the USD dollar could rise and the euro could reverse down from the Weekly 50% level.
However, in the 12 hour range, there isn't a set-up that helps validate those views as yet
AUD Weekly and Daily
Resistance around the 12 hour highs, and Wednesday's 5-day highs.
Above those levels could see the AUD continue to trend towards Tuesday's highs (previous daily highs)
50% levels are the trend guides in the 12 hour range
- All Daily forex reports are written before 11.00am Sydney Time, which is approximately Midnight GMT
