Euro Weekly and Daily cycles
Whilst below the Weekly level the trend bias is down into the June lows...
but the daily levels in the 12 hour range and 5-day 50% level could push price upwards in early 4-8 hour trading.
In conclusion:- there is the expectation that price needs to complete the MAY break and Extend pattern in the June lows, but it needs to be below the 12 hour channels
AUD Weekly and Daily cycles
After yesterday's rate cut I would have thought the AUD would come under pressure, but it hasn't...
therefore the AUD could be rising upwards into a Friday high.
Until then, then Weekly levels are the areas of interest for short-term trading.
Random Resistance:- Wednesday's highs and Weekly 50% level.
Random Support as shown into the 12 hour channel.
I still have the view that the AUD is moving lower:- but it needs to close below the Weekly level @ .9670 .
- All Daily forex reports are written before 11.00am Sydney Time, which is approximately Midnight GMT
