AUD/USD Is Stalling

Although AUD/USD did break above the resistance at 0.7660 which coincides with the (MA)89 indicator on the weekly time-frame, the pair could not continue moving to the upside and it has been dropping for the past two weeks. That move to the downside, however, might stall at least temporary because the pair encountered a support at 0.7310, formed a spinning top candlestick and  a hammer candlestick on the four-hour time-frame and bounced off the aforementioned support. The pair will likely reach the resistance at 0.7400. That said, the candlesticks on the four-hour time-frame are not a good enough signal for a reversal and once this retracement is over the pair will probably continue moving to the downside after it breaks below the last low at 0.7310.