NZD/USD Is Likely about to Start Climbing

NZD/USD reached the resistance at 0.7480 on the weekly time-frame, formed a spectacular shooting star candlestick on the same time-frame and started moving to the downside, but it appears that move to the downside will stall at least for now, if not reverse altogether, because the pair formed an inverted hammer candlestick at the support at 0.7100, which also coincides with (MA)89 on the weekly time-frame again. If this signal is valid, and it most likely is, we will probably see a new move to the upside towards 0.7300 – 0.7350, and a breakout above that level will likely lead to a further move to the upside towards the previous high at 0.7480. Of course, we should also keep in mind that signals on such large time-frames take time to give the expected result.