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After a sharp drop on 11th of August the pair entered a phase of consolidation and by reaching 1.0170 level a symmetrical triangle on 1H chart was formed. Nevertheless, currently the volatility levels are very low, thus a break-out is not likely in the next couple of periods. Moreover, there is a higher probability of a sell-off than a rally, since the trend was bearish before the pattern formed. Also the sentiment towards the pair is strongly bearish, with 70.60% of the traders expecting the Aussie to decline. Thus, a base scenario is where the pair dives beneath the 200-period SMA and weekly PP at 1.0161/58 and weakens towards the weekly S1.
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