AUD/NZD Will Likely Start Falling Again

AUD/NZD has been stuck in a very wide range from 1.0230 to 1.0760 for months now, since July 2016, and it appears that said range will continue to develop for the foreseeable future. The pair almost reached the resistance at 1.0760 once again, bouncing off from 1.0745 and forming a pair of shooting star candlestick on the weekly time-frame, not to mention that both candlesticks are under the (MA)89 indicator on the same time-frame. AUD/NZD has tested it several times now since the range began forming and hasn’t been able to break out above it. Should there be another move to the downside the pair will likely reach the support at 1.0535, which is the (MA)89 indicator, but on the daily time-frame. A breakout below that support will probably lead to a further move to the downside towards 1.0340.