AUD/USD Technical Levels: Potential double top bearish reversal on hourly chart

The hourly chart shows the pair could be forming a double top bearish reversal pattern with the neckline support of 0.7456.
The hourly relative strength index (RSI) has diverged in favor of the bears.

Omkar Godbole FXStreet Contributor

Hourly chart

Spot Rate: 0.7475

Daily High: 0.7484

Daily Low: 0.7460

Trend: Bearish below 0.7456

Resistance

R1: 0.7495 (50-day moving average)

R2: 0.7537 (61.8% Fib R of 0.7677 - 0.7310)

R3: 0.7605 (May 22 high)

Support

S1: 0.7456 (double top neckline)

S2: 0.7426 (5-day moving average)

S3: 0.7394 (10-day moving average)

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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