The NZD/USD currency pair is moving upside after it successfully broke the 0.7660 resistance level. The next target level for this pair is 0.7829 which is February, 2011, high.
As mentioned before, in a 4-hour graph the NZD/USD pair formed an Inverted Hammer candlestick, indicating an upside movement.
This candlestick was formed after the decline of the currency pair was limited near 0.7160, which denotes that the bears could not solidify here and the bulls started to increase their influence.
The break of the Fibonacci correction level 23.6 proves this viewpoint. Now we should expect an upside movement to the 0.7660 level, following the Fibonacci correction level 50.0 break.
Stop loss should be placed slightly below 0.7585, since its break will allow the pair to reach 0.7480.
