AUD/NZD 1H Chart: Double Top

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
At the second part of September AUD/NZD reached the lowest trading level since July at 1.0920. However, at these levels the pair received a bullish impetus that pushed the pair towards the 1.13 level, forming a double top pattern.
Currently, the pair is hovering slightly above the pattern's neckline at 1.1121. Since this is a bearish pattern in the base scenario, we should see a drop below the neckline towards the 1.10 level. However, the market participants disagree with this argument, as 69.42% of them are bullish on the pair. Very important gauge will be around the weekly S1 and daily S2. If these supports holds then we might see a bullish movements in the near-term.
© Dukascopy Bank SA
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