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AUD/NZD Completes a Double Top at Channel Resistance

AUD/NZD is forming a double top after failing to clear last week's high at 1.1047. The poor Australian jobs data, AUD/NZD retreated back to this week's low around 1.0924. 
If the double top forms, we could be looking at a bearish outlook at least in the short-term. A short-term target and key support area would be in the 1.0825-1.0840 area, which includes the 50% retracement, and a support/resistance area, and the 200-period SMA in the 4H chart. 
Just below that the 1.0775-1.08 area is also key, containing the 61.8% retracement level, a support pivot.
AUD/NZD 4H Chart
When you look at the daily chart, you see that price in 2014 has been in a consolidation mode, though there has been a slight bullish bias.

The 200-, 100-, and 50-day SMAs reflect a market that is consolidating after a bearish 2013. As it converged, price action in July broke above the cluster. The daily chart shows a bearish divergence with price at the moment and adds to the bearish correction scenario, but we can see the importance of that target/support around 1.0825-1.0840. The SMAs basically reside in thsi area. Staying north of this area would be a sign that the market is shifting from neutral-bullish to bullish.

AUD/NZD Daily Chart

Otherwise, if price does not hold above 1.08, price is likely still in consolidation, and the prevailing bearish trend in 2013 still grips the AUD/NZD with bearish bias.