AUD/USD Is Bearish

There were multiple signals on the various long-term AUD/USD time-frames that the move to the upside was over and that there would likely be a new move south – a shooting star candlestick on the monthly time-frame, a hanging man candlestick on the weekly time-frame, a pair of very impressive shooting star candlesticks on the daily time-frame. They all proved to be valid signals and the move to the downside did begin. 

Currently AUD/USD is testing the support at 0.7830, which coincides with the (MA)89 indicator on the daily time-frame. The pair has formed a hammer candlestick at that level on the same time-frame, so there might be a temporary retracement, likely towards 0.7900, but the various signals for a move south remain valid. Should there be a breakout below 0.7830 next target will probably be at 0.7670.