NZD/USD Is Moving to the Upside

NZD/USD has almost recovered the major drop that occurred after the UK referendum results came out two weeks ago. Although the pair found some resistance at 0.7240 and bounced off of it, later it formed a hammer candlestick visible on the daily time-frame above the support at 0.7100 and started moving to the upside again. Currently NZD/USD has almost reached the aforementioned resistance at 0.7240 and it will likely test it again. A breakout above that level will lead to further move to the upside towards the previous high at 0.7293 and if the pair breaks above it as well it will likely reach 0.7380, which is (MA)89 on the monthly time-frame.