AUD/USD Has Almost Reached 0.7640

AUD/USD has almost reached its last low at 0.7640 after bouncing off from the (MA)89 indicator on the daily time-frame at 0.7780. The question now is, of course, whether there will be a breakout below the aforementioned last low. Such a breakout is quite likely and if it does occur the pair will probably continue falling towards the next major support level at 0.7500. On the other hand, if it bounces off from 0.7640 again and forms a double bottom there will probably be a new move to the upside, first towards the (MA)89 indicator on the daily time-frame, and if it breaks out above it the pair could reach 0.7900.