Will NZD/USD Start Retracing?

NZD/USD has been gradually moving to the upside if in a rather choppy manner for the past few weeks and the overall bullish trend is still very much valid. That said, the pair has also formed three very telling candlesticks on the four-hour time-frame, all under the resistance at 0.7265 – namely a pair of shooting star candlesticks and one obvious doji candlestick. All three are a signal for a brief, at least, retracement to the downside. If that signal is valid we can expect a move to the downside towards 0.7200 first and a breakout below that level will likely lead to a further drop towards 0.7110, which coincides with the (MA)89 indicator on the four-hour time-frame. That said, the long-term target of the overall bullish trend is at 0.7330.