EUR/AUD Technical Analysis: Double top breakdown on hourly chart

• The hourly chart shows a double top bearish reversal pattern and a bearish price-relative strength index (RSI) divergence.
• It indicates the rally from the low of 1.5275 (June 4) has ended and a pullback could be seen.
• The pair could test key rising trendline support.

Hourly chart

Spot Rate: 1.5720

Daily High: 1.5756

Daily Low: 1.5715

Trend: Bearish

Resistance

R1: 1.5756

R2: 1.58 (psychological hurdle)

R3: 1.5826 (June 27 high)

Support

S1: 1.5696 (23.6% Fib R of June 4 low – June 27 high)

S2: 1.5619 (June 20 low)

S3: 1.5550 (50% Fib R of recent rally)