Euro Weekly and Daily cycles
The euro continues to remain above the 3rd Quarterly 50% level @ 1.3065...
Therefore that's our support zone for a continuation up into the Weekly highs...
However, that might not happen today, as it seems a number of markets are moving into 2-day reversal patterns.
If Long on the Euro, be aware that if it's below 1.3065 it's trying to move back down towards the September high breakout @ 1.2808
AUD Weekly and Daily cycles
AUD is moving into the 2-day reversal pattern, and Tuesday looks like it will continue down into the Daily lows....:- 5-day 50% level and 12 hour channels (white)
The Question now is how far will a 2-day reversal pattern go...???
if the AUD is bullish it should bounce off the 5-day lows, close around the 5-day 50% level, AND then CONTINUE upwards from Wednesday onwards.
if it's not bullish, then it will break the 5-day lows, and continue to extend lower in the 2nd 12 hours
- All Daily forex reports are written before 11.00am Sydney Time, which is approximately Midnight GMT
