NZD/USD Is Bearish

NZD/USD moved to the upside without any significant retracements for three months, but that rally is definitely finally over. The pair formed three very telling candlesticks on the daily time-frame – a shooting star candlestick as well as a hanging man candlestick and a spinning top candlestick, all below the resistance at 0.7560 and finally started moving to the downside. For now that move to the downside continues and NZD/USD remains bearish. The closest target to the downside is likely at 0.7225, which is the (MA)89 indicator on the same daily time-frame. A breakout below that level could lead to a further drop towards 0.7200.