AUD/NZD 4H Chart: Double Top

AUD/NZD received a strong bullish impetus after falling down to 1.0623, which helped it cover more than four figures within 15 days. However, the gains did not extend beyond 1.1050, and, since the currency pair made two distinct but unsuccessful attempts to break this resistance, there is a high possibility of a reversal.

Still, we need to see a close beneath 1.0926 (neck-line) in order for the bearish intentions to be confirmed. If this is the case, the Australian Dollar could plummet down to 1.06 as a result, even though there is a tough support level at 1.0850, where the weekly S2 merges with the 200-period SMA.