AUD/NZD 1H Chart: Double Top

Source: Dukascopy Bank SA
© Dukascopy Bank SA
After falling below the valley between two peaks of the pattern, the pair regained its strength and started to advance fast. Just recently the Aussie passed an important resistance level at 1.1196/1.1201, represented by daily and weekly R1 and approached the daily R2 at 1.1217. We assume the currency cross to continue going to the north by breaching the mentioned resistance level, while our view is shared by the market sentiment, which is bullish at the moment (68%). Moreover, technical indicators do not oppose the possible continuation of the uptrend, as they are neutral in the short-term, while daily studies send a certain "buy" signal.
© Dukascopy Bank SA
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