AUD/USD Will Likely Bounce off from 0.7625

AUD/USD found support at 0.7625 after it broke out below 0.7680 which is the (MA)89 indicator on the weekly time-frame and it has been consolidating sideways above that level for the past week. As a result of that consolidation the pair formed a clear inverted hammer candlestick above the support on the weekly time-frame again. Considering said candlestick as well as the hammer candlestick on the daily time-frame which formed at the beginning of the consolidation, there will probably be a new move to the upside, especially if the pair breaks out above the (MA)89 indicator on the weekly time-frame, which from a support has now turned into a resistance. The closest target to the upside is likely at 0.7800.