AUD/USD Is Headed For The Support Trend Line OF The Pennant

As I have mentioned in one of my last assessments of the pair>>>  AUD could not break out above the strong resistance level at 0.8135 and began a powerful drop which for two months led the pair to 0.7700. The last trading session closed at 0.76949 and I think the depreciation will continue to the support trend line of the pennant around 0.76.

This observation was done on the W1 time frame. When examining the H4 time frame we could suppose that the pair will either form a flag (or a smaller pennant) to test the trend line (in red) after breaking out below it or it will directly continue dropping.

The closest support on the H4 time frame is around 0.7670-0.7660 and depending on the way the pair behaves around that support we could make a clearer short term prognosis whether the drop will continue without a correction or we should wait out the correction after which the pair will head for the support trend line of the pennant.