USD Index Monthly and Weekly cycles
USD index has reversed down from the October highs into Support levels.
Support won't be verified until Friday (Weekly close).....
Because the Index could see more falls if it remains above the Weekly lows...
towards the 3rd quarterly 50% level @ $76.62
Euro Weekly and Daily
The euro didn't continue with the breakout on Thursday, but instead it formed an inside day...
If the USD index drops, then Euro will continue upwards on Friday using Support...
and potentially breakout of the daily highs, and follow the new weekly cycles upwards.
If the USD index support levels are vailid, then Friday could remain choppy (5-day highs Resistance).
In conclusion:- both the USD index & Euro are at key levels, that are either going to reverse the trend
or breakout.
at this stage I don't know which way it will go
AUD Weekly and Daily
The price action in the AUD, looks like it wants to continue upwards after Thursday's price action.
Random resistance Friday's highs.
- All Daily forex reports are written before 11.00am Sydney Time, which is approximately Midnight GMT
