The Aussie rejects a trend line support on Friday and in doing so has confirmed a downward sloping trend channel formation.
Given the overall structure of this chart at the moment this looks like something that could lead to a buy set up.
The channel appears in blue on the chart below. I have used the channel function in Tracker's drawing tools for this.
At this stage this channel looks to me as though it may end up forming the 4th swing in a 5 swing advance as I have labelled on the chart. If this turns out to be the case, a break through the top of the channel could set us up for the final swing higher in this particular advance
This puts this channel in a similar position to the NZD: USD broadening triangle set up I posted on Friday