Euro Weekly and Daily
The Euro is following a 5-day rising pattern, as explained in the weekend report.
Whether it breaks out of the Weekly and Daily highs on Wednesday is another matter.
5-day 50% level and February 50% level is seen as support
AUD Weekly and Daily cycles
AUD is about to complete the 2nd monthly wave pattern around the monthly highs in February.
Sadly, yesterday didn't precisely hit the 11am support levels, and Weekly level @ 1.0674
As noted in the Weekly report, these Monthly highs are seen as resistance, but they need to be validated by lesser timeframes, with the first sign being, price trading below the 5-day 50% level.
Otherwise we have a Primary high target of 1.12 in 2012.
Random resistance Daily and Weekly highs
- All Daily forex reports are written before 11.00am Sydney Time, which is approximately Midnight GMT
