Euro Weekly and Daily cycles
Single monthly lows continues to support the Euro, but it can't move above the April 50% level.
Current price action in the 5-day range suggests the 5-day 50% level will push the euro down in the daily lows...
Be aware of any breakout of those 5-day lows, as they could act as resistance in the 2nd 12 hour range from 11am.
If above the 5-day 50% level... then adjust
AUD Weekly and Daily cycles
The AUD was looking good yesterday, but when it failed at the 5-day highs and began to trade under the 5-day 50% level...
I knew the AUD will come under selling pressure.
At this stage the higher timeframe levels continue to support the current trend...
however, Wednesday looks like it will follow the daily cycles towards the daily lows...
Don't hold longs below those lows
- All Daily forex reports are written before 11.00am Sydney Time, which is approximately Midnight GMT
