There' a "V-Top" pattern, so the pair is likely going to test the closest support at 1.3996 - 1.3979. Meanwhile, if a pullback...
NZD/USD broke key support level 0.7050
- NZD/USD broke key support level 0.7050
- Next sell target - 0.6950
NZD/USD continues to fall after the earlier breakout of the key support level 0.7050 (which stopped the previous minor impulse wave (i) at eth start of October, as can be seen below). The breakout of the support level 0.7050 should accelerate the minor sub wave (iii) of the impulse wave (c) from the middle of September. NZD/USD is expected to fall to the next sell target at the next support level 0.6950 (former resistance level from May). Strong resistance now stands at 0.7050.
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…
The 144 Moving Average has acted as support, but there's a bearish "Engulfing' at the local high.