NZD/USD May Bounce off from 0.7075

NZD/USD continued moving to the upside after the pair ended its week-long sideways consolidation after it broke out above the last high at 0.7035. That said, the pair has found a new resistance at 0.7075 and it may bounce off from it, considering the two candlesticks it has formed at that level on the four-hour time-frame, namely a clear shooting star candlestick and a clear hanging man candlestick. Either of these candlesticks is a signal for a likely move to the downside, in a combination together that signal becomes even more trustworthy. If a move to the downside does begin then the closest target will likely be at 0.7035, which from a resistance would become a support level.