AUD/USD Continues Testing The Support At 0.7460 – 0.7500

AUD/USD formed a correction of about 100 pips north, from 1.74725 to 1.75603, after which it renewed its depreciation toward the support zone around 0.7460 – 0.7500 (in grey).

I think there are two scenarios for further development in this zone:

 In the first scenario the pair will test the support one more time, after which it will begin the true correction to the upside, which should lead it to a test of the support trend line of the pennant it broke out below (in red) – around 0.7650

In this case after the test of that trend line the depreciation should be renewed – the limit of the pennant is 1000 pips in the long term.

The second scenario is for a breakout below the support zone and a continuation of the depreciation.
In both scenarios we should be patient before opening new positions, the intentions of the big players on the market are unclear and we should wait until there is some clarity.