Double top: This is a bit of a late observation – a double top formed and completed during the 1/3 US session. As we get into the 1/4 Asian session, the AUD/USD has extended the decline already to a conventional target for the breakdown of the pattern. Direction, momentum: The 4H chart shows that the decline this session is going against a sharp rally that started the year, which broke above 1.05, but was unable to hang on. A couple of observations here. 1) Direction is not clear as price action whips back and forth across all the moving averages, and the 200-SMA here has flattened. 2) Momentum in the 4H chart ... (full story)