USD Index (Primary and Monthly)
whilst the Monthly 50% level is stalling the trend from rising...
My view is that the trend is continuing lower, but after yesterday's price action in the Dollar index and currencies, I'm not so sure
Euro Weekly and daily
My view was that the Euro would continue higher, this was helped by the 11am levels supporting the trend, but that changed in the 2nd 12 hour range...
Based on the price action being rejected down, and even though the weekly 50% level is supporting the trend...
I favour the first 12 hours having more weakness from the 11am levels down towards Tuesday's lows.
Tuesday's lows will then be used as random support in the 2nd 12 hour range.
Trend guide 11am levels
AUD Weekly and Daily
My view is that the AUD would continue higher, however the first 12 hour range didn't favour that happening, as noted in yesterday's report
My view is that the AUD will continue upwards...
However, unless the AUD is above the 5-day 50% level and 11am levels, that might not happen
Therefore the overall trend bias is to continue higher, using the patterns in the higher timeframe cycles...
but it won't surprise me to see the 11am send the AUD down towards Tuesday's lows, and the August 50% level by Wednesday.
- All Daily forex reports are written before 11.00am Sydney Time, which is approximately Midnight GMT
