AUD/USD broke out below the pennant that had been developing for over two years and from now on we can expect a medium or long term depreciation with a first target to the downside at 0.7200.
For the moment, however, the pair has reached a strong support on the W1 time frame at 0.7500 and here there are two possible scenarios:
In case there is a breakout below that support level we could expect a continuation of the downward trend to the first target at 0.7200 without a significant correction.
In case the support at 0.7500 holds and the pair fails to break out below it the first time we could see a correction north to test the trend line it broke out below with target around 0.7650 – 0.7700.
On the M15, however, we can see an expanding triangle which could prove to be a reversal figure and the pair could rally for a correction and a test of the breakout before it continues falling.