AUD/USD Bounced off from 0.7900

AUD/USD has been slowly moving to the upside for the past four days, ever since it found a support at 0.7730 and bounced off from it. The pair, however, has not been able to break out above the resistance at 0.7900 and bounced off from it as well after forming a number of candlesticks on the four-hour time-frame that were a good signal for the new move to the downside – namely a hanging man candlestick and a pair of shooting star candlesticks. The pair continues moving to the downside for now and its closest target is likely at 0.7840, which is the (MA)89 indicator on the same-time frame. A breakout below the aforementioned support level will probably lead to a further drop towards 0.7770.