NZD/USD: buy target - 0.7850
- NZD/USD broke strong resistance zone
- Next buy target - 0.7850
NZD/USD continues to rise – following the earlier breakout of the strong resistance zone lying at the intersection of the resistance level 0.7630 (which has been reversing the pair from February) and the 61.8% Fibonacci Correction of the previous sharp downward C-wave from the middle of January. The breakout of this resistance zone should accelerate the active C-wave of the intermediate ABC correction (B) from the start of February.
Given that the pair opened this week with the sharp upward gap, NZD/USD can be expected to rise further toward the next buy target 0.7850 (former resistance level which reversed the price in December and January).