Euro Weekly and Daily
Bearish patterns appearing in the Euro, as it's trading below the July 50% level, whilst haiving a higher step formation in the monthly cycle.
This could see more weakness this week, and by looking at the levels in Wednesday, could see the trend continue down into Wednesday's lows (random support)
Trend guide 11am Levels (July 50% level)
AUD Weekly and Daily range
July 50% level supporting the trend, and may continue to do so for the first 12 hours.
If above the 11am levels, the swing is back towards the Weekly level @ 1.0738, which can act as resistance.
If below the 11am levels, it will need to breakout of Wedneaday's lows.
Even though the AUD looks bullish, it's the higher step formation in the monthly cycles that can lead to further weakness, confirmed by a breakout of the 5-day lows
- All Daily forex reports are written before 11.00am Sydney Time, which is approximately Midnight GMT
