Hello Traders,
Let’s see what the charts have for us…
1. AUD/JPY
On the AUD/JPY, we can see a price breaking out of a falling wedge, which ought to be a trend continuation pattern.
However, price is currently stuck within a consolidation band, which is formed at the peak of the wedge which is acting as a key resistance level (76.971)
If we do get a breakout, price may most likely travel to the next possible resistance level (77.419), and if not we may see further consolidation of price within the consolidation band.
2. XAU/USD (GOLD)
Gold took a break today after a 500 pips fall on Tuesday.
Personally, I will be looking out for a bearish breakout of the consolidation band, as the current support level is a weak one.
If we do get the breakout, then our next possible support level would be 1770.21.
Let’s also prepare our mind that the present consolidation level could also end up being a reversal which may send price back to resistance level 1856.79.
Patience will be needed to get a good confirmation on both setups before pulling the trigger
What say you?
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