- NZD/USD reached buy target 0.7050
- Next sell target - 0.6850
NZD/USD continues to fall inside the 3rd intermediate impulse wave (3) – which started earlier when the pair reversed down from pivotal resistance level 0.7050 (which was set as the buy target in our previous forecast for this currency pair). The resistance level 0.7050 also previously reversed the price sharply in the middle of April – starting the active primary impulse wave ③. Both of the last downward reversals from resistance level 0.7050 created the daily Japanese candlesticks reversal patterns Bearish Engulfing.
NZD/USD is likely to fall further to the next sell target at the support level 0.6850 (standing close to the 38.2% Fibonacci correction of the previous upward price impulse from the middle of March).