AUDUSD Repeating this fractal can get the price lower.

The AUDUSD pair has been trading within a Bearish Megaphone since the August 11 High, which was a direct rejection on the 1D MA200 (orange trend-line). In the last two days, the price is pulling back again after a 2-week rally that pushed it near the top (Lower Highs trend-line) of the Bearish Megaphone and the 1D MA50 (blue trend-line). Technically a rejection there alone is a sell signal towards at least the October 13 Low.

With a more careful look and the help of the 1D RSI, we can see that the Megaphone's price action resembles the April 05 - June 06 sequence (so far). We have plotted that pattern on the Megaphone's price action and as you see, they are very similar. That fractal got rejected on its flat Resistance (black line) as the pair did now, and after dropping to the previous Low, it made a bearish extension near the 1.382 Fibonacci level.

The invalidation point of this projection is a closing above the Top (Lower Highs trend-line) of the Bearish Megaphone and the 1D MA50. In that case, we will target the June 03 Lower Highs trend-line (dashed) and the 1D MA200 (orange trend-line), a break above which, could target the flat May 05 Resistance Zone.



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