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On December 30, a significant bearish rejection took place around the level of 0.6840 (daily resistance level) similar to what happened previously on October 23.
Moreover, 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.
The daily chart shows a double-top reversal pattern. An obvious bearish breakdown of the depicted support level at 0.6400 should be executed in order to confirm the reversal pattern.
However, the levels of 0.6400-0.6350 constituted a significant support zone, which corresponded to the backside of a broken downtrend line. Hence, a strong bullish rejection was expressed on January 20.
Since January 26, bullish persistence above 0.6500 was mandatory to keep pushing the NZD/USD pair towards higher bullish targets. However, a lower high has been previously established at the level of 0.6530 on January 27.
This enhanced the bearish side of the market and brought the NZD/USD pair towards the depicted support level of 0.6400 again.
Last week, the depicted support level of 0.6400 acted as a prominent key level, which offered a valid buy entry. The suggested position is running in profits now. S/L should be moved to 0.6400 to secure some profits.
Bullish persistence above 0.6500 is currently needed to keep the price moving towards higher bullish targets. An initial target is located at 0.6590.
Otherwise, a bearish closure below 0.6500 brings another bearish pullback towards 0.6430 and 0.6370, which is less probable to occur.
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