NZD/USD: buy target - 0.6700
By: Dmitriy Chernovolov
- NZD/USD broke resistance level 0.6460
- Next buy target - 0.6700
NZD/USD continues to rise inside the (c)-wave of the 4th minor corrective wave 4 from the start of October. The pair opened today by breaking the resistance level 0.6460 (which reversed previous minor (a)-wave of the active ABC correction 4). The breakout of this of this resistance level is likely to strengthen the bullish pressure on NZD/USD in the coming trading sessions.
NZD/USD is expected to rise further in the active waves (c) and 4 toward the next buy target at the strong resistance level 0.6700 (which reversed previous waves (a) and 2 in July and August, standing close to the 50% Fibonacci Correction of the previous downward impulse wave from the start of June, as you can see below).