The AUD/USD has formed an extended bearish SHS pattern. We might expect a drop either from the POC zone or a trend line break (neckline).
0.7306-0.7320 is the POC zone. 78.6-88.6 and D H4 make a confluence. We might see a drop towards the neck line. The break of 0.7260 to the downside should make a stronger move down as the next support is W L3 camarilla level – 0.7176. Watch for a rejection from either the POC zone or a neck line break. Only if the price moves above the head of the pattern 0.7391, this scenario will be invalid.
The Analysis has been done with the Black Widow system.