Good day Traders,
Another Wednesday is just around the corner, let’s see what the market holds for us.
1. AUD/JPY
First of, I want to apologize for my chart looking so messed up (lol), I had no other way to buttress our analysis, I had to use colored trend lines, in order to assist
Now, AUD/JPY on the 4 hours chart has both a horizontal channel and a pennant supporting and resisting price.
Presently price has broken out from both a pennant at resistance level 78.959 and a horizontal channel at a resistance level 79.186.
Our target, which should be our next possible resistance level is 79.829
2. EUR/AUD
EUR/AUD was analysed on Sunday, if you missed it, you can check it out here
Price in EUR/AUD on the 4 hours time frame, is locked within a pennant. Presently we are seeing a massive bearish move by price, to support level 1.58177.
Judging from that MASSIVE BEARISH CANDLESTICK, does this mean that there will be a breakout?.
Well…
I will be up, looking out for the 11pm candlestick arrival. That would determine how strong the bears really are. If price breaks out from the present support level, we may most likely see price dragged by the bears to the next support level (1.57227)
A price bounce from the present level may also encourage the bulls to take price to the next resistance level (1.58926).
That’s all we have for our Wednesday analysis. Do subscribe to our blog, in order to get daily market analysis, and also share the good news among your pip loving community.
Do have a great day ahead
