On the daily chart of AUD/USD we are observing big consolidation pattern in fourth wave which is definitely not a simple one. It’s a very complex structure that is underway for around 12 months now so we can expect a very strong break down once the pattern is finished. Latestsubstructuressuggestthatwave IV can be a triangle, and reason for such view is a new swing high at 0.7770 area that we labeled it as wave C-circled. So we actually have two contracting trendlines connected with swing lows and swing highs, between which wave D is now unfolding while we will have to wait on wave E for a few more weeks. So for now pair remains trapped in range outbreak to the downside is expected to occur by the end of the year.