In a 4-hour graph the NZD/USD currency pair cannot yet break the support level near 0.7823. As mentioned before, if the resistance level 0.7973 is broken, it will target the pair to 0.8125. If it is successfully tested, a growth to 0.8200 should be expected.
Earlier in a 4-hour graph the NZD/USD pair formed an Inverted Hammer candlestick, indicating 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 0.7823, since its break will allow the pair to reach 0.7740.