NZD/USD: buy target - 0.7000
By: Dmitriy Chernovolov
- NZD/USD broke pivotal resistance level 0.6860
- Next buy target - 0.7000
NZD/USD recently broke above the pivotal resistance level 0.6860 (which had stopped previous waves 3, (ii), (A) and (i), as can be seen from the daily NZD/USD chart below). The breakout of this resistance level accelerated the active minor impulse waves (iii) and 3 – which belong to the intermediate (C)-wave from the middle of January.
NZD/USD is likely to rise further in the active impulse waves 3 and (C) toward the next buy target at the round resistance level 0.7000. Buy stop-loss can be placed at half the daily ATR (Average True Range) below the aforementioned price level 0.6860.