NZD/JPY falling inside minor impulse wave C Next sell target - 76…
NZD/USD broke resistance zone
- NZD/USD broke resistance zone
- Next buy target - 0.7430
NZD/USD continues to rise inside the intermediate impulse wave (3) which previously broke though the resistance zone lying between the key resistance level 0.7200 (former monthly high from October) and the 61.8% Fibonacci correction of the previous sharp downward impulse from the middle of September. NZD/USD is expected to rise further toward the next buy target at the next resistance level 0.7430 (high of the previous minor correction 2 from September).
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.