NZDUSD Wave Analysis – 08 February, 2019
February 08, 2019 @ 18:26 UTC
- NZDUSD falling inside impulse wave 3
- Further losses are likely
NZDUSD continues to fall inside the short-term impulse wave 3 – which started earlier from the resistance area lying between the key resistance level 0.6940 (which reversed wave (2) in December), upper daily Bollinger Band and the resistance trendline of the daily up channel from January.
The price recently broke the aforementioned up channel – which accelerated the active impulse wave 3 – which belongs to wave (3) from December
NZDUSD is expected to fall further and re-test the next round support level 0.6700 (low of the previous correction from January).