AUDUSD waiting for confirmation

Price trading outside of the acending channel and formed a Head and shoulder recently. The end of AUD bull run is signified by the ending diagonal formed at the top of channel followed by H&S.
Waiting for price to consolidate below the channel moving impulse down to confirm with higer probability.

Alternately if price consolidate and move back into channel (creating a spring) it will try to test the high of the H&S but for this to occur is of lower probability.

Kommentera:

Pattern and bias confirmed. With this much pressure expect support 0.70 to break. Target next support 0.68.