NZD/USD Has Almost Reached 0.7140

Last week NZD/USD reached a strong resistance at 0.7370, coinciding with the (MA)89 indicator on the monthly time-frame, formed a very telling shooting star candlestick on the daily time-frame and consequently started moving to the downside. After breaking below the support at 0.7230, the pair has almost reached the next support level at 0.7140, which coincides with the same indicator, but on the daily time-frame, and there is little doubt that it will reach that level. The question is whether it will be able to break below it as well. If NZD/USD bounces off from it, it will likely retrace back to 0.7230, which will have turned into a resistance level. But, if the pair succeeds in breaking below 0.7140, we can likely expect a further move to the downside towards 0.6900.