FX.co ★ Has AUDUSD formed a bearish flag in the 4 hour chart?

Blue lines- bearish flag pattern

AUDUSD has not made any real price progress to the upside over the last few trading sessions. Price is mostly moving sideways in a tight trading range and there are increased chances that a bearish flag pattern has been formed. The recent low at 0.6365 was followed by a new low in the Daily RSI. The absence of a bullish divergence makes me believe that more downside should be expected. Support is at 0.6395. A break below this level would be an added sign of weakness.