AUDUSD - Price Winding Up w/ 1-2-3 Reversal Setup

Price continues to wind up on the AUDUSD. A potential 1-2-3 reversal pattern has formed with a break of .7570 confirming the pattern and trend change. A failure of the 1-2-3 setup would not bode well for the bulls.

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The market has climbed a little higher to hug the upper pennant trend line. The big question is will there be a catalyst that pushes it through and validates the 1-2-3 reversal pattern that is also in play.