NZD/USD: sell target - 0.6200
By: Dmitriy Chernovolov
- NZD/USD reached sell target 0.6300
- Next sell target - 0.6200
NZD/USD has been under strong bearish pressure lately – reaching the support level 0.6300, which was set as the sell target in our previous forecast for this currency pair. The price previously broke below the support trendline of the daily down channel from 2014 - which accelerated the active intermediate impulse wave (5) – which belongs to the primary downward impulse ③ from the end of April.
NZD/USD is likely to fall further inside the active impulse waves (5) and ③ toward the next sell target at the support level 0.6200. Sell stop-loss can be placed at one daily ATR above the resistance level 0.6300.