AUD/NZD threatens a break below key psychological 1.1200

• AUD/NZD is under pressure below key hourly trendline support 
• The bears are pressing on1.12 the figure that guards 1.1180 key structure.

AUD/NZD has been pressured at the start of the week, breaking below hourly trendline support to take on the 1.12 area ahead of 1.1180 late July highs. The following is a top-down analysis from a bearish perspective while price stays below the 1.1250s.

AUD/NZD daily chart

The W-formation on the daily chart is a reversion pattern and the start of the week's doji could be the makings of a bearish formation requiring an engulfing bearish close for the days ahead. In this regard, 1.1180 guards deeper support territory towards 1.1150 and a 38.2% Fibonacci retracement target as illustrated on the daily chart above. 

AUD/NZD H1 charts

The price has slid below hourly trendline support to start the week, testing the bull's commitments at 1.12 the figure that guards 1.1180 key structure and a deeper correction for the week ahead.