NZD/USD Bounced off from 0.6908

NZD/USD has been moving to the downside for three weeks but it could not quite reach the previous low at 0.6861 and bounced off from 0.6908 instead, forming a spinning top candlestick and a hammer candlestick on the daily time-frame above that support. Currently the pair is testing the resistance at 0.7000 and a breakout above that level will likely lead to a further move to the upside towards 0.7070 which coincides with the (MA)89 indicator on the daily time-frame. A breakout above that resistance in turn would open the way for a rally towards the same indicator, but on the weekly time-frame, which is at 0.7100.