• NZDUSD broke key support level 0.6780
• Likely to fall further
NZDUSD continues to fall after the earlier breakout of the key support level 0.6780 (which stopped the previous sharp corrective wave (A) in November of 2017, as can be seen below). The breakout of the support level 0.6780 follows the earlier breakout of the strong support level 0.6850 (low of the impulse wave 3).
The breakup of the support level 0.6780 accelerated the active impulse wave 5, which belongs to the medium-term impulse wave (C) from February.
NZDUSD is likely to fall further and re-test the next key support level 0.6700 (target price for the completion of the active impulse wave (C)).