A break below that support line (blue) could send the AUD/USD below the previous bottoms and towards the Fibonacci targets of wave 5 vs 1+3 for a strong downtrend continuation. A bullish bounce could send the currency pair back to the resistance trend lines (red).
The AUD/USD completed a bullish ABC (green) pattern within wave 4 (dark red) and then broke the support trend line (dotted blue) for a bearish breakout. The current bear flag chart pattern indicates a potential downtrend continuation, which is typical for a wave 4 (light green) pattern as long as price stays below the 61.8% Fibonacci resistance.
