NZDUSD index Technical Analysis Report 23 March, 2021

• NZDUSD broke combined support area
• Likely to reach support level 0.7000

NZDUSD currency pair recently broke sharply through the combined support area located between the pivotal support level 0.7100 (which has been steadily reversing the price from the middle of January) and the 38.2% Fibonacci correction of the pervious upward impulse (1) from the end of last September. The breakout of this support area accelerated the active impulse waves (i) and C which belong to the intermediate ABC correction (2) from the end of February.

Given the powerful bearish sentiment affecting the new Zealand dollars today – NZDUSD currency pair can be expected to fall further toward the next round support level 0.7000 (former strong support level which formed the double bottom in December).

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