It appears as if AUD/USD is creating a large bear flag with a small bear flag located at its beginning, as visible in the upper left corner of the bear flag. Which is known as a falcon flag to a minority of traders. Although it appears as this flag, we have currently just gotten confirmation for the second touch. This can be a valid short term sell, but you must be aware that it can reject of the lower trend line and hit the upper trend line for the third touch. Short term -valid sell. Long term after third touch - High probability sell. On the charts you can see the two discussed possibilities, one of them is indicated by a green arrow, and the other possibility is shown with blue arrows. In addition, the flag is under the break of a high timeframe ascending channel, increasing the probability of the trade.