NZD/USD Is Falling

NZD/USD has been moving to the upside for the past two days, but today that move came to a halt when the pair reached a resistance at 0.6970, slightly above the (MA)89 indicator on the four-hour time-frame at 0.6945. The pair formed an obvious hanging man candlestick on that same time-frame and started falling, easily breaking out below the (MA)89 indicator. Currently the pair is testing the support at 0.6910, and a breakout below that level will probably lead to a further drop towards the previous low, which is at 0.6848. A continuation of the overall medium-term bearish trend won’t be confirmed before a breakout below that low.