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AUD/CAD Bullish Correction Meets a Double Top

In early September, AUD/CAD fell to a new low on the year at 0.9133. It has been been in a bullish correction as seen in the 4H chart. 

AUD/CAD 4H Chart 9/17
(click to enlarge)

The 4H chart shows the bullish correction going up to the psychological level and previous resistance at 0.95. Also note that the market respected the 200-period simple moving average SMA. Th RSI did tag the overbought area but has since neutralized. Price has formed a possible double top under 0.95. 

The double top might be an early warning of a pending bearish continuation attempt, especially because the prevailing trend is bearish as we can see in the daily chart. The next key signal for bearish continuation would be a break below 0.9350, which would clear a rising speedline and the 100-, and 50-period SMAs, as well as a previous support pivot. That would open up the 0.9133 low with risk of continuing lower, in-line with the prevailing downtrend seen in the daily chart. 

AUD/CAD Daily Chart 9/17
(click to enlarge)

Note the bearish breakout in the daily chart. The rally in September could just be a pullback to test the broken consolidation range lows. The 0.95 level is indeed a good place to monitor for resistance. So far, it looks like bears want to take control again under 0.95, with bearish technical conditions - from the moving averages and the RSI - intact.