EUR/AUD May Start Falling

EUR/AUD has been moving to the upside for weeks but the bullish trend seems finally exhausted as the pair formed a distinct double top on the four-hour time-frame at 1.5755 as well as a pair of hanging man candlesticks on the daily time-frame below that level. Both formations are a good signal for a move to the downside, even a possible trend reversal. If there is, indeed, such a move to the downside, the closest target will likely be at 1.5580, which coincides with the (MA)89 indicator on the four-hour time-frame. If the pair breaks out below that level too it will likely continue falling towards 1.5500 at least.