AUD/NZD Will Likely Continue Falling

The AUD/NZD move to the upside began about two weeks ago after the pair bounced off from the support at 1.0660. That move to the upside is obviously over for now, however, because the pair met a strong resistance at 1.0990 and formed a pair of very telling candlesticks on the daily time-frame, namely a doji candlestick and a shooting star candlestick, after which it bounced off from the aforementioned resistance. For now the pair remains bearish and the move to the downside will probably continue towards the closest support, which is likely at 1.0850 and coincides with the (MA)89 indicator on the four-hour time-frame. If the pair breaks out below that level then the next target will likely be at 1.0790, which is the same indicator, but on the daily time-frame.