• NZDUSD broke key support level 0.6730
• Likely to fall to support level 0.6650
NZDUSD currency pair recently broke below the key support level 0.6730 (which has been reversing the pair from the start of December, as can be seen from the daily NZDUSD chart below), intersecting with the support trendline of the daily up channel from the middle of December. The breakout of the support level 0.6730 accelerated the active short-term impulse wave 3 – which belongs to the higher order impulse wave (C) from the middle of October.
Given the strength of the active daily downtrend and the bearish NZD sentiment seen across the FX markets today- NZDUSD currency pair can be expected to fall further toward the next support level 0.6650.