AUD/USD Is Testing 0.7600

AUD/USD steadily moved to the upside for the past six weeks and even broke above the considerable resistance at 0.7600, which coincides with the (MA)89 indicator on the weekly time-frame. It appears, however, that the pair has encountered another significant resistance at 0.7700 because it formed a hanging man candlestick on the weekly time-frame below that level and started retracing to the downside. Now it is back to testing 0.7600, which from a resistance has turned into a support level. Whether it will succeed in breaking below that level remains to be seen, but if it does, the next target will likely be at 0.7485. However, if AUD/USD bounces off from 0.7600 and continues moving to the upside it will likely reach 0.7780 or even 0.7834, which is the previous high.