AUD/USD Is Bearish

AUD/USD moved to the upside for a while in a rather choppy manner and even formed a new high at 0.8125 but it was obvious that the bullish trend was exhausted. The pair finally formed a clear shooting star candlestick on the daily time-frame at the same resistance level and slowly started moving to the downside. Considering the other shooting star candlestick formed on the monthly time-frame, this is likely the beginning of a larger move south. Should it occur, the closest target to the downside is around 0.7870, which is the previous low. A breakout below that level will probably lead to another drop towards the next support, which is at 0.7800 and coincides with the (MA)89 indicator on the same daily time-frame.