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NZD/USD Signals Bearish Continuation with Key Breakout

The NZD/USD has been bearish in the medium-term, but has spent a couple of weeks in consolidation. 

Last week price rallied from around 0.6490 to about 0.6635. This rally is within a more or less sideways market in the short-term, but a bearish one in the medium-term.

NZD/USD 1H Chart 8/11

(click to enlarge)

Thsi week, we first saw NZD/USD respect a bullish trendline and signal bullish continuation. However, it failed to break the former 0.6635 high and is now signaling a bearish outlook. 
1) Price completed a double top and broke below the base as well as below a rising trendline.
2) Price has broken below the cluster of 200-, 100-, and 50-period SMAs. 
3) There as a pullback that respected the "double top", the trendline, and the SMA cluster as resistance - a sign that bears are now in charge.

With the dominant trend in the medium-term being bearish, the current breakdown could be a signal for bearish continuation in the medium-term.