NZD/USD: sell target – 0.7000
By: Dima Chernovolov
- NZD/USD broke support level 0.7180
- Next sell target – 0.7000
NZD/USD recently broke sharply below the powerful support level 0.7180 (which previously stopped the strong waves (5) and (B) in February and March). The breakout of this support level intensified the bearish pressure on NZD/USD – accelerating the active impulse wave 3 (which is a part of the intermediate impulse (3) from last month). Given the strongly oversold reading on the daily Stochastic indicator, NZD/USD might correct up to test the broken price level 0.7180.
Alternatively, the pair might continue to fall in the active impulse waves 3 and (3) toward the next sell target 0.7000. Sell stop-loss can be placed above the resistance level 0.7180.