AUD/USD Is Retracing

The overall bearish AUD/USD trend began at the end of January this year and the pair has fallen with over 700 pips. The pair is still quite bearish and there is no signal for a likely trend reversal, but there may be a retracement today and tomorrow at the very least, considering the candlesticks that have formed on both the four-hour and the daily time-frames. AUD/USD bounced off from 0.7415 and formed hammer candlesticks on both time-frames above that level before the move to the upside continued. The closest target is likely at 0.7600, and a breakout above that level could lead to a further move to the upside towards 0.7700, which is the (MA)89 indicator on the daily time-frame.