EUR/AUD 4H Chart: Triple Top

Pair is posing for a major sell off. Idea of a such scenario comes from the main assumption of the Triple Top pattern—pair fails to reach new high and afterwards returns to the previous trading levels. Taking in to account that the pattern started in the end of April we could expect significant move (~1600 pips). Short term technicals (on aggregate) support such scenario, but we should pay attention to the few facts. First of all, 20-day SMA, which seems to be the strongest technical level at the current trading levels, acts as a support. Secondly, medium and long term technicals point at appreciation of the pair. All in all, we could see it forming Rectangle pattern.