AUD/NZD is Retracing

AUD/NZD has been moving to the upside since the beginning of March this year but the pair finally finally found some resistance at 1.0560 and bounced off from that level. The pair formed several very telling candlesticks at that resistance, namely a shooting star candlestick on the daily time-frame and two shooting star candlesticks on the weekly time-frame, the first of which was formed significantly lower than the other, already indicating that the bullish trend was likely exhausted. Currently the pair is falling towards the (MA)89 indicator on the daily time-frame, which is at 1.0775. A breakout below that support level could lead to a further move to the downside towards 1.0650, which is the previous low.