NZD/USD Is Testing 0.7050

NZD/USD finally reached its target at 0.7050 and started consolidating above that support level. As a result of that consolidation the pair has formed a triple bottom visible on the one-hour time-frame as well as a clear inverted hammer candlestick on the daily time-frame. Both are a signal for a likely move to the upside. If the signal is valid, the pair will probably move north towards the closest resistance at 0.7130 – 0.7150. That said, the overall bearish trend may not be over yet. Even if there is a retracement, the continuation of the bearish trend could be confirmed by a breakout below 0.7050 and if that happens, the pair will probably continue falling towards the last low at 0.6817.