NZD/USD Is Retracing

NZD/USD is currently forming a choppy retracement which began with the formation of a spinning top candlestick at the support at 0.6850. The pair is testing the resistance around 0.6960 – 0.6975 and if it manages to break out above that level it will likely continue moving to the upside towards the next resistance, which is probably around 0.7040. A breakout above that level could lead to a further move to the upside towards the (MA)89 indicator on the daily time-frame, which is currently at 0.7115. That said, so far the trend remains bearish and there will probably be a breakout below the last low at 0.6850 sooner or later. If or when that happens there will likely be a further move to the downside towards 0.6700.