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AUD/NZD: Double Top and flipped resistance keeping the sellers on their toes

EagleFX

AUD/NZD after being bullish produced a doji candle on the daily chart and headed towards the South with good bearish momentum. Yesterday’s candle came out as a bearish candle. The H4 chart shows that the price produced a double top and made a strong bearish move after the neckline breakout. The price made another significant breakout yesterday as well. If the chart produces a bearish reversal candle at yesterday’s breakout level, the sellers may get an opportunity to go short in the pair.

Chart 1 AUD/NZD H1 Chart


The chart shows that the price had rejection twice around 1.08200. At the second rejection, the price headed towards the South with good bearish momentum. It seems that the price may have found its support at 1.07165. If the price remains bullish for a while in the minor intraday charts, the level of 1.07410 may work as a level of resistance. If the level produces a bearish reversal candle, the sellers may go short below 1.07165.

Trade Summary:

Entry: Sell below 1.07165
Stop Loss: Above 1.07410
Take Profit 1: 1.06800
Take Profit 2: 1.06650
Take Profit 3: 1.06385

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