FxWirePro: EUR/AUD bears in major trend attempt to break double top neckline, more slumps on table as interim bears slide through falling wedge

The double top pattern has occurred on monthly plotting with top 1 at 1.5831, top 2 at 1.6585 and neckline at 1.3812 levels, the current prices slid below EMAs again, the next major trend direction is dependent on a question “Can bears manage to break below strong support @ 1.3812 (double top neckline)?”

While on daily plotting, bearish swings slide through falling wedge pattern, the current prices consistently have been dipping below DMAs with bearish DMA crossover (21DMA crosses over 7DMA).

On 4H chart, after breaking major supports at DMAs, 1.40 and 1.3940 levels, bear streaks have been intensified.

Both leading and lagging indicators indicates bearish momentum by converging downwards to these price dips on both daily as well as monthly charts.

RSI: Currently, RSI (14) has been clearly converging downwards to the prevailing price dips on daily as well as monthly timeframes that signal the strength in selling sentiments.

Stochastic: This leading oscillator has approached oversold territory but no convincing %k crossover. But daily stochs evidence %D crossover right from overbought zones that conforms to these price dips with intensified selling momentum.

MACD on the other hand evidences bearish crossover below zero level that signals price slumps to extend further.

Well, there minor upswings on intraday charts use them as shorting opportunity as the bearish signals from 4H charting is deemed as the early signals of the further bearish streaks. While overall the major downtrend of this pair remains intact, and it is likely to extend further.