NZD/USD Will Likely Start Falling Again

NZD/USD has been bouncing off from 0.6890 for the past few months and the last time that happened was three weeks ago. The pair, however, appears to be preparing for yet another attempt test that support level as it reached the resistance at 0.7100, which coincides with the (MA)89 indicator on the weekly time-frame, bounced off from it and formed a pair of shooting star candlesticks on the same time-frame. These candlesticks are a signal for a possible impending move to the downside towards the aforementioned support at 0.6890. If the pair finally breaks out below that level the move to the downside will likely continue and its closest target will likely be at 0.6800.