NZD/USD: sell target - 0.6500
By: Dmitriy Chernovolov
- NZD/USD reversed from resistance zone
- Next sell target - 0.6500
NZD/USD recently reversed down from the resistance zone lying between the resistance level 0.6740, the upper daily Bollinger Band and the 38.2% Fibonacci Correction level of the previous sharp downward price impulse from the start of June (as you can see below). The downward reversal from this resistance zone created the daily Japanese candlesticks reversal pattern Dark Cloud Cover – thereby completing the previous minor correction 4.
NZD/USD is likely to fall further in the active minor impulse wave 5 toward the next sell target at the support level 0.6500.