A Brief Retracement for NZD/USD

The NZD/USD pair is very bullish, but that hardly means that there would be no retracements and pullbacks on its way north. The pair is at the beginning of just one such retracement, considering the daily time-frame – the pair has formed a very clear hanging man candlestick on that time-frame, right at the resistance at 0.7455. For now the first possible target to the downside for the pair is around 0.7380, but a breakout below that level could lead to a further drop towards 0.7345, which is the (MA)89 indicator on the four-hour time-frame. On the other hand, should or when the move to the upside continues, the closest target after a breakout above the last high at 0.7457 will likely be around 0.7480, which is the previous high.