AUD/USD Is Testing the Support at 0.7920

AUD/USD has been moving sharply to the upside yesterday and today until the pair finally reached a high at 0.7960 and bounced off from that resistance, forming a clear shooting star candlestick on the four-hour time-frame as it did so. Such a candlestick is usually a signal for an impending move to the downside. The signal proved valid because said move to the downside has already begun. The pair is currently testing the support at 0.7920 and depending on whether it will break out below that level there could be another drop towards the next obvious support level, which is at 0.7890 and coincides with the (MA)89 indicator on the four-hour time-frame. On the other hand, a breakout above the last high at 0.7962 could lead to a further rally towards 0.8065.