NZD/USD: sell target - 0.6600
By: Dmitriy Chernovolov
- NZD/USD reversed from resistance level 0.6850
- Next sell target - 0.6600
NZD/USD continues to fall after the recent double reversal from the resistance zone lying between the resistance level 0.6850 and the 38.2% Fibonacci Correction of the previous sharp downward (C)-wave from the end of April. The first downward reversal from this resistance zone stopped the previous intermediate ABC correction (A). The latest downward reversal from the same resistance area started the C-wave of the active intermediate ABC correction (B).
NZD/USD is likely to fall further in the active waves C and (B) toward the next sell target at the next support level 0.6600. Strong resistance remains at 0.6850.