EUR/AUD – A Sideways Consolidation and a Triangle

For now it is not clear whether the triangle that is forming on the one-hour and the four-hour time frames is the end of the range and whether there will be a breakout of either of its trendlines.
I am saying “either”, although if we look at the four-hour time frame it appears that the breakout will be to the downside.

We need to be careful, because on the daily time frame it’s obvious that the pair is at a strong level of support, so it is possible that the range will last a while longer.

Still, if there is a breakout it’s possible for the move to the downside to continue to the critical zone that is visualized by a blue rectangle. The weekly time frame confirms the possibility of that scenario.