The consolidation continues on the AUDUSD around its 55 day EMA at the 0.7655 level. The 200 day EMA at the 0.7700 level is its most important resistance at the moment on the daily chart.
The pair moved sharply to the upside today and it is currently testing the resistance at 0.7700. If it breaks out above that level it will likely continue moving to the upside towards 0.7780.
AUD/USD found some resistance at 0.7720 and is currently testing that level. A breakout above that level will likely lead to a further move to the upside but the spinning top candlesticks that have formed at the resistance are an indication that first there may be a retracement.
AUD/USD formed a shooting star candlestick and a hanging man candlestick below the resistance at 0.7810 on the four-hour time-frame, there may be a move to the downside soon.
The move to the upside continued despite the shooting star candlestick and the hanging man candlestick on the four-hour time-frame and the pair reached a new high at 0.7825. At that level there is another pair of shooting star candlesticks on the same time-frame, the question is whether they're a valid signal for a move to the downside.
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