AUD/NZD May Start Falling Again

AUD/NZD bounced off from 1.0490 and retraced back to the resistance at 1.0730, which coincides with the (MA)89 indicator on the daily time-frame. The pair has been consolidating sideways below that resistance level for the past five days and in the process of that consolidation it formed three shooting star candlesticks as well as a spinning top candlestick, all on the same daily time-frame. These candlesticks, formed under the resistance in that manner, are a decent signal for a likely new move to the downside. The closest target is probably around 1.0600, and if the pair breaks out below that level it could fall to 1.0490 again. The continuation of the bearish trend will be confirmed only after a breakout below that last support.