FX.co ★ Candlestick analysis of the NZD/USD for December 7

The NZD/USD pair is pulling back after it broke out the resistance level of 0.7630.
Earlier on a 4-hour graph the NZD/USD has formed the combination of candlesticks Bullish Engulfing, which indicates the uprising movement.
This combination of candlesticks developed after the currency pair failed to break through the support level of 0.7400, which means that the bears did not fixate here and the bulls started to increase their influence.
A breakout of the Fibonacci correction level 38.2 and resistance level of 0.7630 confirms this viewpoint. Now the uprising movement to the Fibonacci correction level 61.8 with the next target to 0.7835 should be expected.
It is recommended to place the stop orders slightly below 0.7400, since the breakthrough of this support level will target the pair to 0.7150-0.7200.