AUD/NZD Is Bearish

AUD/NZD bounced off from the support at 1.0860 – 1.0865 after it formed a double bottom and an inverted hammer candlestick on the daily time-frame at that level and rallied towards the resistance at 1.0960, which coincides with the (MA)89 indicator also on the daily time-frame. Although the pair did break out above the resistance it swiftly retraced back under it, forming a shooting star candlestick on the daily time-frame, which was a signal that was as high as the current move to the upside would go. Following that candlestick the pair started moving to the downside and it is currently testing the support at 1.0920. A breakout below that level will probably lead to a further drop and another testing of the double bottom at 1.0860 – 1.0865.