FX.co ★ Candlestick analysis of the NZD/USD for December 06

Earlier on a daily chart the NZD/USD has formed the combination of candlesticks Bullish Engulfing, which is a signal to upwards movement.
This candlestick appeared after the pair could not break through the support level of 0.7400, which means that the bears did not manage to fixate here and the bulls started increasing their influence.
A breakout of the Fibonacci correction level 38.2 and support level of 0.7630 confirms this point of view. Now, we expect the uprising movement to the Fibonacci correction level 61.8 with the next target to 0.7835.
It is recommended to place the stop orders slightly below 0.7400, as the breakout of this support level will target the pair to 0.7150-0.7200.