AUD/USD Bounced off from 0.7515

AUD/USD has been moving to the upside in a rather choppy manner for the past two weeks now, rising with a little less than 200 pips – from 0.7330 to 0.7515. That move to the upside appears to be finally over though, because the pair found a serious resistance at 0.7515, which coincides with the (MA)89 indicator on the daily time-frame. What is more, AUD/USD also formed several very telling signals for an impending move to the downside at that level. First of all, there is an obvious double top at 0.7515. Second, there is also a shooting star candlestick as well as a hanging man candlestick on the daily time-frame below the same resistance level. The first target of that drop is likely 0.7450 and the pair has almost reached it. A breakout below that support could eventually lead to another test of the previous low at 0.7330.