AUDNZD has more room to drop

The AUDNZD pair followed exactly the pattern we presented on our previous analysis on September 23 and after completing a standard +4.70% rise on the blue Channel Up, it broke below it:

The pattern that was our benchmark on this accurate projection was the January – July 2021 Megaphone. After a rebound on the 0.786 Fibonacci level, the price got sold-off to a new Low on the 1.618 Fibonacci extension. That extension on today’s pattern is just below 1.07000. Only a 1W MACD Bullish Cross can invalidate the selling.

Tradingview link:

https://www.tradingview.com/chart/AUDNZD/JdiNSYXi-AUDNZD-has-more-room-to-drop