AUD/NZD Is Testing 1.0990

AUD/NZD has been moving to the downside for about a day - ever since the pair formed a spinning top candlestick slightly below the resistance at 1.1050 on the four-hour time-frame. Currently the pair has reached and is testing the support at 1.0990, which coincides with the (MA)89 indicator on the same time-frame. Now the question is whether there will be a breakout below that support level or will the pair bounce off from it. So far there is no signal that the pair may bounce off from 1.0990, but if it does then there will probably be a move to the upside back towards 1.1050. On the other hand, a breakout below the support level could lead to a further move to the downside towards 1.0965, which is the previous low.