Euro Weekly and Daily cycles
I was looking for more support this week, with the two key levels (Weekly and monthly 50% levels)
That might happen today.... as the 5-day 50% level comes into play
but it could also continue lower.
simply trade on the side of the 11am levels
AUD Weekly and Daily cycles
Monday's price action wasn't expected (always expect the unexpected), as it didn't fit in with the overall patterns in the Quarterly and monthly cycles.
Currently, the Weekly 50% level trend is weak, and by looking at the price action the trend continue continue down into Tuesday''s lows.
the only way I could get bullish on again, is if the AUD forms a Weekly HOOK pattern.
That is when price moves down into Tuesday's 5-day lows (support) and then closes higher:- above the 5-day 50% level and also the Weekly 50% level.
if that's the case, then the rest of the week would normally close higher:- higher highs by Friday.
- All Daily forex reports are written before 11.00am Sydney Time, which is approximately Midnight GMT
