NZD/USD falling inside minor impulse wave (c)
- NZD/USD falling inside minor impulse wave (c)
- Next sell target 0.7080
NZD/USD continues to fall inside the minor impulse wave (c), which recently broke through the strong support zone lying at the intersection of the multiple support levels: the support trendline of the daily up channel from May, pivotal support level 0.7250, 50% Fibonacci correction of the previous upward impulse from July and the 50-day moving average. The breakout of this support zone accelerated the active impulse wave (c).
NZD/USD is likely to fall further to the next sell target at the support level 0.7080 (previous monthly low from August). Strong resistance now stands at 0.7250.