The AUDUSD has traded sideways the past few sessions in what has taken the form of a triangle. Expectations are for a bearish break from this consolidation.
The sideways trading that has taken place for the last few days is most likely a 4th wave triangle within the 5 wave drop from .9849. A drop below .8591 would satisfy minimum expectations. The January low at .8512 is potential support.
This is a close up of the triangle. There is a slight chance that price exceeds .8757 in wave c of a flat. That count still calls for a drop below .8590 though.
