NZD/USD broke support zone

NZD/USD broke support zone

2019-11-11 • Updated

  • NZD/USD broke support zone
  • Next sell target - 0.7100

NZD/USD today broke through the support zone lying between the key support level 0.7200 (which has reversed the formed downward corrections (iv), (b) and (a), as can be seen below) and the 50% Fibonacci retracement of the earlier sharp upward impulse from the middle of May. The breakout of this support zone should accelerate the active c-wave of the minor ABC correction B from July. NZD/USD is expected to fall to next sell target at the next support level 0.7100 (target price for the completion of wave B).

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