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Price Action Setups: AUDUSD and USDJPY

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After losing 750 pips beginning in early September, AUDUSD began consolidating into a wedge pattern on October 9th. The pair is now nearing the end of this terminal pattern and we could see a break over the next 24 hours.

If the pattern should remain in tact by tomorrow’s close, we can look to trade a break early next week. Due to the recent downtrend, I’m only interested in a downside break.

Summary: Wait for a break below wedge support and then watch for bearish price action on a retest of new resistance. The next key support level comes in at the .8660 level. However if the market is able to break that level, we could see a move to channel support around .840.

AUDUSD 4 hour forex chart

USDJPY analysis 

USDJPY daily forex chart

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