• NZDUSD reversed from resistance zone
• Likely to fall further
NZDUSD continues to fall inside the (b)-wave of the minor ABC correction 2 from the start of July. The active (b)-wave started previously from the resistance zone surrounding the powerful resistance level 0.6850 (former powerful support from May and June).
The resistance zone near the resistance level 0.6850 was further strengthened by the 50% Fibonacci correction of the previous downward impulse from June.
NZDUSD is likely to fall further and re-test the next support level 0.6700 (which stopped the aforementioned impulse wave 1).