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AUD/NZD completes a small double top

Yesterday, we saw the potential of a double top for AUD/NZD in its 1H chart

AUD/NZD 1H Chart 8/10

(click to enlarge)

Double top:
- As we can see in the 1H chart, this double top is complete after price held below 1.0743 twice and broke the neckline at 1.0682. 
- Along with the double top, the 1H RSI fell below 40, which reflects a loss of the prevailing bullish momentum heading into this week. 
- After the double top, price held above 1.0665 and pulled back. 
- So far price has stayed under 1.07, which shows that the market respects the double top. 
- I think if price stays under 1.0710, the bearish outlook would still be in play. 

Bearish targets:
- Yesterday, we noted bearish targets from 1.0690 to 1.06, 1.0570, and 1.05.
- The 1st target was hit. This target represents a successfully completed double top.
- 1.06 is the next level where we might see support. 
- 1.0570 also offers a support/resistance pivot.
- 1.05 is the  next support pivot area below 1.0570. 

For me, 1.05 is an aggressive target. The 1.0570-1.06 area is a viable target for me.