$AUDUSD
The Australian currency pair may form a bearish 2618 pattern, anticipated to complete at 0.7201, coinciding with the 61.8% Fibonacci retracement level.
Essentially, a retest of the neckline and previous support of the double top could present resistance, converging with the 61.8% Fibonacci level, thereby forming the bearish 2618 pattern. (double top followed by the 61.8% retracement)
By default, the bearish 2618 pattern, if fully manifested, anticipates the formation of a bullish AB=CD pattern, which in this instance is projected to 0.7012.
I am also observing the recently formed fractal support at 0.7079, as it could potentially act as the neckline for a head and shoulders pattern formation.
A decline below this fractal, even if the bearish 2618 pattern does not fully materialize, could propel the Aussie down to 0.6772.
#AUDUSD #Forex