EUR/AUD Is Retracing

The EUR/AUD overall bullish trend began over a year ago and it is highly unlikely that this is the end of it, but the pair found some strong resistance at 1.5975 and it is probably in the process of forming yet another retracement. The pair bounced off from the aforementioned resistance and formed a distinct doji candlestick and a distinct shooting star candlestick on the daily time-frame as it did, then continued moving to the downside. That movement will likely continue and the closest support is probably around 1.5620 that the pair tested multiple times before continuing its move to the upside. A breakout below that level will probably lead to a further move to the downside towards 1.5480, which is the (MA)89 indicator on the daily time-frame.