Overview:

• The NZD/USD pair movement will continue directly from the double bottom at the level of 0.8404 in H1 chart (00% of Fibonacci retracement levels). Therefore, the price of the NZD/USD pair is showing signs of power, following the break of the lowest level of 0.8404. Hence, it will be a good sign to buy above the level of 0.8400 in H1 chart (in the short term) with the first target of 0.8460 in order to test the daily pivot point and further to 0.8506 to form the double top. Then, this price will act as a strong resistance, for that it is going to be a good place to take profit. It also should be noted that this level of taking profit will coincide with 23.6% of Fibonacci retracement levels. However, in case if a reversal takes place and the NZD/USD pair breaks through the minor support level of 0.8404, the market will lead to further decrease to 0.8370 thus indicating the bearish market.