EUR/AUD Will Likely Continue Falling

EUR/AUD has been moving to the downside for the past month or so and it remains very bearish even now. That is hardly surprising, considering the doji candlestick and a shooting star candlestick the pair formed around the resistance at 1.6150 – 1.6190 on the weekly time-frame, as well as the hanging man candlestick it has formed on the monthly time-frame. The pair is currently testing the support at 1.5530 and it will very likely break out below that level as well. If or when it does the next target to the downside will probably be at 1.5200, which is the (MA)89 indicator on the weekly time-frame. A breakout below that level will likely lead to a further move to the downside towards 1.4870, which is the same indicator, but on the monthly time-frame.