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A daily closure below 0.6750 allowed a quick bearish decline to occur initially towards the level of 0.6500 which was broken to the downside as well.
However, the levels of 0.6400-0.6350 constituted a significant support zone. Hence, a strong bullish rejection was expressed on January 20 (inverted head and shoulders pattern).
Since January 26, bullish persistence above 0.6500 was mandatory to keep pushing the NZD/USD pair towards higher bullish targets.
However, a temporary bearish rejection has been expressed around 0.6550 for almost two weeks, which resulted in the depicted consolidation range.
On January 28, the depicted support level of 0.6400 acted as a prominent key level offering a valid buy entry. A bullish breakout above 0.6550 has been executed earlier this week.
Bullish persistence above 0.6550 (depicted recent support) was needed to keep the price moving towards higher bullish targets. The nearest target zone is currently located around 0.6700-0.6750.
The zone of 0.6700-0.6750 remains a significant resistance zone to be watched for a valid sell entry. Signs of a bearish rejection should be considered a sell signal.
A closure below 0.6700 in the H4 chart would be a clear signal while S/L should be located above 0.6775.
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