NZD/USD Is Retracing

NZD/USD reached the support at 0.7180, which in this case coincided with the (MA)89 indicator on the daily time-frame, once again and bounced off from that level after forming a clear hammer candlestick as well as an inverted hammer candlestick on the four-hour time-frame. The pair is currently still moving to the upside and the closest target will likely be around 0.7290, which is the same indicator, but on the four-hour time-frame. A breakout above that level will probably lead to a further move to the upside towards 0.7320 – 0.7330. On the other hand, if the pair does break out below 0.7180 there will probably be a move to the downside towards 0.7100.