NZD/CAD Is Retracing

NZD/CAD is clearly retracing after reaching a low at 0.8980 – the pair bounced off from that level after forming a spinning top candlestick last week on the four-hour time-frame and it has slowly been moving to the upside ever since. Currently it is moving to the downside after forming a shooting star candlestick on the same time-frame at 0.9080, but the retracement is clearly not over yet. There will probably be a new rally towards the aforementioned high at 0.9080 and if there is a breakout above that level there will probably be a further move to the upside towards 0.9090, which is the (MA)89 indicator on the four-hour time-frame again.