AUD/USD Is Retracing

AUD/USD has been moving relatively steadily to the downside ever since the pair formed a double top at 0.7750 and started falling. It appears, however, that the move to the downside is stalling and that there will be at least some retracement before it resumes. The pair formed a distinct double bottom at 0.7530 on the one-hour time-frame, as well as a hammer and a doji candlestick on the same time-frame, together with a hammer candlestick on the four-hour time-frame, all above the aforementioned support at 0.7530. Currently the pair is moving to the upside, despite the shooting star candlestick it formed on the one-hour time-frame at 0.7560. The pair’s closest target is likely at 0.7600 – 0.7615, which coincides with the (MA)89 indicator on the four-hour time-frame.