AUDUSD - Ascending Triangle Reversal (Retracement)

Here is my idea on how AUDUSD can play out for the short-term. The pair has been bound between the two red trend lines, which has formed a bearish channel. Currently, the pair seems to be retracing. I have identified and ascending triangle for which the height of the triangle results in a target that matches previous support/resistance (look at dashed red line). We will probably see a retest at 0.78610 for which the larger Bearish trend will continue.

Trade wisely, Trade responsibly.