The AUDNZD cross pair is close to confirming a double top format

Price action is close to breaking the previous bottom of 1.0667, which if broken, confirms a double top reversal pattern. An increase in volume at the break of the previous trough will give further confirmation of the bearish sentiment and allow sellers to enter the market with improved vigor and confidence.
The Relative Strength Index (RSI) has printed lower lows and indicates that the bearish momentum is accelerating. The break below its 8 simple moving average along with moving below its equilibrium line of 50, emphasizes the sellers’ strength for the last 3 days.
If selling pressure continues and the break is confirmed, we can see the pair continue lower with initial support/target zones around the 1.0543 and 1.0424 price levels (extension of the “height of the pattern” from the break-out point).
In the alternative scenario, if buyers enter the market and force their way back in command, we could see price action move higher, once again retesting the previous tops created at 1.0797. A break beyond this significant zone, could propel price action to find possible resistance zones at previous highs around 1.0846 and 1.0946.
Summarized, if price action and momentum continue to accelerate lower, we could see a fast and aggressive sell-off in the near short-term.