• NZDUSD broke support area
• Further losses are likely
NZDUSD continues to fall after the earlier breakout of the support area lying between support level 0.6870 (which reversed the price at the end of May) and upward-sloping support trendline from the middle of November.
The breakout of the aforementioned support zone accelerated the active downward impulse wave c of the minor ABC correction 2 from the start of June.
NZDUSD is likely to fall further and re-test the next support level 0.6850 (low of the previous wave (2)) – the breakout of which can lead to further losses toward 0.6810.