Here I have AUD/JPY on the 4Hr Chart!
Price was Rejected @ 98.534 creating the high on Nov' 15th. Since then Price failed at the same level and again at attempted Higher High on Nov' 27th! Following this Lower Highs are Higher Lows which seem to be forming a Pennant Pattern!
Currently we have 3 Tests of the Falling Resistance and getting the 3rd test of the Rising Support now!
Pennants are likely to break Bullish OR Bearish so we must wait for the Proper Break!! Given AUD has some big news tonight, this will play a big role!
**Chart Patterns are known to fail 1/3 of the time so BEWARE OF FALSE BREAKS!!
Fundamentally this week:
AUD - CPI (Tue) and OPEC (Thur)
JPY - OPEC (Thur)
Price was Rejected @ 98.534 creating the high on Nov' 15th. Since then Price failed at the same level and again at attempted Higher High on Nov' 27th! Following this Lower Highs are Higher Lows which seem to be forming a Pennant Pattern!
Currently we have 3 Tests of the Falling Resistance and getting the 3rd test of the Rising Support now!
Pennants are likely to break Bullish OR Bearish so we must wait for the Proper Break!! Given AUD has some big news tonight, this will play a big role!
**Chart Patterns are known to fail 1/3 of the time so BEWARE OF FALSE BREAKS!!
Fundamentally this week:
AUD - CPI (Tue) and OPEC (Thur)
JPY - OPEC (Thur)
