AUD/USD Encountered Some Resistance

AUD/USD has been moving to the upside for the past two days or so, but today the pair encountered significant resistance at the 0.7445 level and bounced off it, forming a spinning top candlestick on the four-hour time-frame. Considering this signal it is likely for it to continue falling for the time-being, and its first target is around the support at 0.7370 – 0.7380. That said, should the pair continue climbing and break above the previous high at 0.7445 then we can probably expect a further move to the upside towards the next significant resistance level at 0.7500, which coincides with the (MA) indicator on the four-hour time-frame again.