NZD/USD:sell target – 0.6800
By: Dima Chernovolov
- NZD/USD falls inside impulse waves 3 and (5)
- Next sell target – 0.6800
NZD/USD has been falling strongly in the last few trading sessions – following the earlier breakout of the strong resistance level 0.7200 (which was later retested with the Evening Star) and the lower support trendline of the extended daily down channel from last October (as you can see from the daily NZD/USD chart below). Each of these support breakouts intensified the bearish pressure on NZD/USD.
NZD/USD is likely to fall further inside the active impulse waves 5 and (3) toward the next sell target 0.6800. The pair is likely to correct up after reaching this support level.