AUDUSD Sell Opportunity, Bearish Breakout

As seen in the chart, price has remained in the bullish channel since 2015.... Until a few weeks ago, price broke through major support. Since then price has been trading in a narrow range below the major support.

Scenario One: Price breaks the narrow range to the downside, pushing and consolidating below .7300

Scenario Two: Price rise to test key resistance, once major support, potentially pushing above this level.