USD dollar index
As per weekly report, there is a bearish pattern unfolding in the USD dollar that could see further weakness, whilst currencies rise.
for further weakness, the USD will need to breakout of the Weekly lows and continue lower.
otherwise it can remain choppy and range bound until the start of next week.
Euro Weekly and Daily range
There wasn't an ideal set-up to trade longs until the 2nd 12 hour pattern.
How the USD dollar plays out will effect the Euro.
Either it breaks out and continues to trend upwards...
or it remains flat.
11am Support
Random resistance Friday's highs.
AUD Weekly and daily range.
I was bearish yesterday, as the AUD was below the Weekly 50% level and daily 50% level.
There was 4 hour resistance (41 pips) but nothing more and it remained within a 84 pip range (choppy).
Based on the current price action the AUD looks to be moving upwards, without an ideal set-up.
Friday could remain choppy between the white channels, which matches the width of the 5-day range.
unless it breaks out of the 5-day range (high) during the first 12 hours, and proceeds to continue higher in the 2nd 12 hour range.
- All Daily forex reports are written before 11.00am Sydney Time, which is approximately Midnight GMT
