A setup is simply “a setup.” For now, the AUDJPY trend is down, but the reversal pattern is developing in the AUDJPY.
The AUDUSD has been under pressure the last week after reversing from the 2018-19 trend line (blue) but is coming to a confluence of support.
The AUDCAD is finding significant support that is the 2018 lows near the 0.9100 level.
The EURAUD reversal from new trend highs is pretty spectacular.
The AUDUSD has broken out of a bearish wedge and also has a bearish pennant that is trying to play out.
Ahead of the RBA decision tonight the AUDJPY has broken key support as the China/US trade negotiations apparently are strained.
The AUDJPY broke out of the 2019 range and into new yearly highs last week. As long as we remain above the 79.80 level the risk remains to the upside.
The AUDUSD has been in a tight consolidation for the last 5 weeks, but we are now at the triangle resistance.
The AUDNZD has been in a steep downtrend after breaking below the 1.0500 level.