FX.co ★ Candlestick analysis of the NZD/USD for December 13

The NZD/USD is consolidating after the strong downside movement, since it could not break through the resistance level near the Fibonacci correction level 50.0.
Earlier on a 4-hour graph the NZD/USD has formed the combination of candlesticks Bullish Engulfing that indicates the upside tendency.
This combination of candlesticks appeared after earlier the currency pair could not break out the support level of 0.7400, where the bears did not manage to solidify and the bulls started to increase their influence.
A breakout of the Fibonacci correction level 38.2 and the resistance level of 0.7630 means that this viewpoint is correct. Now, the uprising movement to the Fibonacci correction level 61.7 with the target to 0.7835 should be expected.
It is recommended to place the stop orders slightly below 0.7400, as the breakout of the support level will target the currency pair to 0.7150-0.7200.