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Potential double top spotted on AUD/NZD

AUD/NZD has been bullish throughout August so far. The 1H chart below shows the rally from about 1.0440 to about 1.0740. 

AUD/NZD 1H Chart 8/9

(click to enlarge)

Double top:
- We can see that price came up to 1.0740 twice and retreated.
- The first time, price came down to 1.0682. Will price retreat back to this support level again?
- If price comes back to 1.0682, it would show that price has neutralized and possibly topped.
- A break below 1.0680 signals a bearish swing. 

Let's take a look at the daily chart:

AUD/NZD Daily Chart 8/9

(click to enlarge)

Resistance, bearish outlook:
- We can see that the 1.0740-1.0775 area is a common resistance area. 
- Also, we can see that the 200- and 100-day simple moving averages (SMAs) are in this area, maybe up to 1.0790. 
- Now, if there is a bearish swing, we should note that the has turned somewhat neutral after the March to July decline. 
- Thus the bearish targets should be limited to 1.0550-1.0570 and 1.05. The 1.0320 low might be a bit aggressive, but it would still be within the mode since 2015 - neutral/slightly bearish.

Bullish scenario:
- A break above 1.08 should open up 1.0875 and the .0970-1.10

A trade consideration:
- Let's say we short at 1.0730 with a stop at 1.0830 for a risk of 100 pips. 
- A target of 1.0570 (160 pips lower) offers a reward of risk 1.6 to 1. 
- A target of 1.05 (230 pips lower) offers a reward to risk of 2.3 to 1. 
- The average reward to risk is almost 2:1. 
A shorter-term trade consideration: 
- The above consideration is for the medium-term. Here's a very short-term one:
- Entry at 1.0730 with stop at 1.0765. Risk: 35 pips
- target 1: 1.0690. Reward: 40 pips. 
- target 2: 1.0600 Reward: 130 pips
- the average reward to risk is slightly higher than 2 to 1.  

The shorter-term consideration offers better reward to risk. Also, it is more conservative and is a better plan if the prospect of AUD/NZD turning bullish in the medium-term is high.