AUD/USD: 'Double Top' led to decline

AUD/USD: 'Double Top' led to decline

The main trend is still bearish. There was a 'Double Top' pattern, which led to the current decline, so all the Moving Averages have been broken. Also, there's a local 'V-Top' pattern, so the market is likely going to continue declining towards the next support at 0.7060 - 0.7053. If a pullback from these levels happens little later on, bulls will probably try to reach the downtrend line.

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