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 recently reversed down from the resistance level 0.6900 coinciding with the 50% Fibonacci Correction of the previous downward impulse wave from the end of the previous minor correction 4. The downward reversal from this resistance zone continues the active impulse waves 3 and (5) – which are a part of the sharp, primary downward impulse wave ③ from the end of April (as you can see below).
NZD/USD is likely to fall further toward the next sell target at the support level 0.6800. Sell stop-loss can be placed above the aforementioned resistance level 0.6900.