Euro Weekly and Daily cycles
Single monthly lows and 12 hour channels didn't support the trend, and the Euro is now back down into the Monthly & Weekly lows.
The euro could follow as similar pattern as the S&P overnight, and rise upwards once again, helped by the 12 hour channel lows....
but anything below the Weekly lows (confirmed with another 5-day low breakout (4 hour close) could see a large trending day extend towards new lows on Thursday
AUD Weekly and Daily cycles
MAY lows failed to support the AUD...
and looking at the 12 hour channels (11am) price could continue to move down towards Wednesday's lows.
Note:- Currently the trend is weak, as it's below the Weekly lows....
however, if above by 11am price is above the Wekely lows & 11am channels, then there could be some e upward movement.
But at this stage the price action doesn't look great, espescially if it's below Wednesday's lows
- All Daily forex reports are written before 11.00am Sydney Time, which is approximately Midnight GMT
