NZD/USD: sell target - 0.6600
By: Dmitriy Chernovolov
- NZD/USD reversed from resistance zone
- Next sell target - 0.6600
NZD/USD recently reversed down from the resistance zone lying at the intersection of the resistance level 0.6770 and the 50% Fibonacci Correction of the previous sharp minor impulse wave (ii) from June – as you can see below. The downward reversal from this resistance area completed the previous minor correction (iv) – starting the active minor impulse wave (v).
NZD/USD is likely to fall further in the active impulse waves (v) and 5 (which belongs to the 3rd intermediate impulse (3) from April) toward the next sell target 0.6600.