AUD/NZD: Bears are taking the charge with double bottom pattern.

Overview: The pair are heading to the downside full of bearish sentiments. It looks like the pair is heading to the south side full of bearish sentiments. The way the pair is reacting it seems like they are heading to 1.0540 level at least and further downfall still expected. Overall bears are taking the charge and taking the pair at the downside. The current set up is below all the major and minor EMA lines which are providing a bearish sentiment also.

Technical Analysis: From the technical point of view, a double top pattern is in process of formation which indicates that bears will continue in the game and the way bears are reacting seems like they are heading to the downside. We can say that a downtrend line is lying on the chart and the bears are getting supply pressure from that level. The odds are in favour of the bears. The RSI is also below the 50 levels which are favouring the bears and MACD also travelling below the zero levels as providing strength to the bears. On the 4 hourly charts, we can see two consecutive bearish marabuzo in the market which is showing bearish sentiments in the market. The support of the market is 1.0600 followed by 1.0550 and resistance is 1.0650 followed by 1.0700.

Trade Idea: The traders are advised to go for sell at 1.0660 and the target will be 1.0600, 1.0550 and stop loss will be 1.0730.

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