AUDUSD - Some strong Bearish signals.

The daily AUDUSD chart (See below) has a number of bearish signals, indicating that the move of the past few days has some legs.


Double Top reversal pattern. - Price action over the past month has seen a broad 'Double-top' pattern.
Bearish 'Three Black-Crows' - Formed over the past three days.
Failure to overcome prior resistance - Price has struggled to overcome resistance from the early Sep and late October peaks.
High volume failure and reversal -29 Feb 2012 - This was discussed last week (Can be seen here).

Resistance for now will be the base of the double bottom pattern @ 1.0605, and beyond that up to the mid 1.06 area. - However the likelihood is that pressure remains to the downside. - There is a cluster of targets on the downside in a broad 1.0360/1.0400 range. Failure here could see a dip to 1.0100/1.0200 area, though currently my preference would be for mid 1.03s to hold.

Bigger picture has been quite constructive for the AUDUSD. -  I would suggest that any dips may provide longer-term traders with decent buying opportunities for further gains beyond February highs eventually if it can hold this dip and find support either around mid 1.03s or 1.01/1.02.