AUD/USD Found Some Support

AUD/USD has been bearish for a little over a month now, since the pair bounced off from its high at 0.8125 but it may have finally found some support at 0.7675, which is the (MA)89 indicator on the weekly time-frame. Although the pair briefly broke out below that level and reached a new low at 0.7625 it quickly retraced back above it and in the process it formed a clear hammer candlestick on the daily time-frame. Said candlestick in combination with the strong support level is a good indication that the pair may halt, at least temporarily, its movement to the downside. If that happens there will probably be a rally towards 1.7700 – 1.7720.