There's a pullback from the 1/8 Murrey Math Level which brings more evidence that a trend reversal has taken place. Moreover, the price has fixed above the 2/8 MM Level and four-hour Super Trend Line which confirms the bullish outlook. Thus, the market is likely to test the 4/8 MM Level and Daily Super Trend Line. These levels could stop bulls. So, if a pullback from them happens, the price will make a downward correction, possibly towards 3/8 MM Level, which could be a starting point for another advance.

However, if 4/8 MM Level turns out to be broken, there'll be an open door for a rally in the direction of 6/8 MM Level, which has acted as resistance a few times before. The subsequent pullback from this level could lead to a substantial downward correction towards 4/8 MM Level. Additionally, if the Super Trens Lines forms a 'Bullish Cross' little later on, it will prove that the pair hsifted a trend to the upside.

The bottom line is that NZD/USD is getting bullish because of a pullback from 1/8 Murrey Math Level. In this case, the price is likely to achieve 4/8 or even 6/8 MM Levels. The markets fixation above 3/8 MM Level will confirm this scenario.