NZD/USD Is Testing the Resistance at 0.7380 Yet Again

NZD/USD has been testing and trying to break above the (MA)89 indicator on the monthly time-frame since September 2016 and this is the fourth time the pair has done so. Currently the resistance is at 0.7380 and the pair has bounced off of it yet again. Also, it has formed a shooting star candlestick on the daily time-frame below that resistance. If that signal for a move to the downside is valid then there will likely be a drop towards the closest support level at 0.7230. A breakout below that level will probably lead to a further move to the downside towards 0.7140, which is the (MA)89 indicator on the daily time-frame. Should the pair finally break above the same indicator on the monthly time-frame, however, there will likely be a move to the upside towards 0.7450 – 0.7500.