AUD/NZD has been bullish since a low on the year in June of 1.0370. However after reaching 1.1140 in September, price started to stall and trade sideways between roughly 1.1025 and 1.1140. The daily chart shows that this week, price broke below this range, essentailly completing a price top.AUD/NZD Daily Chart(click to enlarge)Rising Support:- The price top looks convincing with a strong bearish break.- The RSI also fell below 40, which reflects a loss of the prevailing bullish momentum.- Still, I think there will be some buyers when price challenges the rising trendline. Actually, we did see some support near this trendline around 1.10 during the 9/12 session.Fade the Rally?- Now, traders who are turning bearish at leats for the short-term might want to see a bounce to something like 1.1050. There is a pivot at 1.11, so I think price should stay below that if the bearish correction scenario is to materialize. - Waiting for a rally to fade also will provide better reward to risk.- I would limit the bearish outlook to the 1.0840-1.0870 area. - Traders who fade around 1.1050 can expect a 2:1 or slightly better reward to risk if the target is 1.0850, and stop around 1.1180 (above the current high).