But in the short-term price is trading above the Spiral filter @ 1.5540, which often pushes price upwards another 95 pips to complete the range.....
EUR/USD Daily
This Week's view was a rotation down from the higher Weekly open back down into Tuesday's lows, which aligned with June's 50% level.
Any higher move in the Euro this week was dependant on Tuesday's support, but this failed and now the expectation is price is moving down towards Wednesday's lows.
Note: Whilst trading below June's 50% level @ 1.5572 the expectation is price is rotating towards June's lows, but it wouldn't surprise me either that the rest of June ends up consolidating either side of 1.5572 and the next trend develops in the next Quarter.
AUD/USD Daily charts
EUR Daily and 3-day pattern
AUD Daily and 3-day pattern
With price now trading back above the June 50% level, then the expectation is price is pushing UP towards June's highs, and towards 1.6271
If price is trading above the Weekly highs @ 1.5805 and breaking the past 3-week highs, then the expectation is price is rising higher into Friday.....
EUR/USD 3-day pattern
Last Week's expectation for a down move was a test of the 2-day highs and sell off, and thast's what occured.
Once price started trading above the 5-day 50% level on Thursday, the downward Weekly pattern was open to a reversal counter-trend pattern:- break of the 3-day highs.
Therefore a robust pattern early this week is to come down a test the 5-day 50% level, and then find support around Tuesday's 3-day lows before heading higher into Friday.
Basically the 3-day lows on Tuesday need to hold for a continuation upwards.
EUR 3-day and 90 pip Spirals
As we can see:- Friday's 3-day breakout and expectation price will come back and 're-test' the breakout before continuing with the Weekly Trend....
If the 3-day lows can hold.....
AUD Weekly and Daily charts
Last Week's Expectation that the AUD was moving UP towards .97cents, but first I wanted a move down to test the Weekly 50% level first before heading higher, and that is what happened.
As what occured in the Jan-March highs, I would be looking for any resistance around 97cents, but then weakness needs to be confirmed with a break of the 3-day lows....
The pattern is once again looking for a down move of 90-95 pips whilst price is trading below the Spiral tops....
Support:- Tuesday's 3-day lows....
GBP/USD Weekly & Daily charts
GBP Daily and 3-day pattern
But in the short-term it's about trading the 3-day patterns and using higher probability patterns each day.
On Friday the break of the 5-day 50% level and move back towards the 3-day highs. And early this week look for a re-test of Friday's break on Monday and push back towards the 3-day highs on Tuesday....
Yesteray's report....
GBP 5-day pattern....
This week GBP Was viewed with a downward bias because of price trading below the monthly 50% levels and coming down from a higher Weekly open...
A break of the 3-day lows on Wednesday, and expectation price is pushing down into Thursday's 3-day lows, with the potential to reverse back upwards into the break....
That is....trade down from the 3-day break into the 3-day lows on Wednesday...then I would look for some buying support around Thursday's lows."
Thursday played out the reversal pattern from the 3-day lows and back upwards.
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