• NZDUSD broke support area
• Likely to test support level 0.7000
NZDUSD recently broke the support area lying at the intersection of the support level 0.7100 and the 38.2% Fibonacci correction of the pervious upward impulse from the middle of October.
The breakout of this support area accelerated the C-wave of the active ABC corrective wave (2) from the end of February.
Given the predominantly bearish New Zealand dollar sentiment seen today – NZDUSD is likely to fall further toward the next support level 0.7000 – followed by the support level 0.6900.