Market Snapshots

NZDUSD Wave Analysis – 18 March, 2020

NZDUSD Wave Analysis – 18 March, 2020
  • NZDUSD broke round support level 0.6000
  • Likely to fall to 0.5800

NZDUSD recently broke sharply below the round support level 0.6000 (which previously reversed the price with the daily candlestick pattern Long-legged Doji at the start of March).

The breakout of the support level 0.6000 coincided with the breakout of lower support trendline of the daily down channel from January – which accelerated the active waves 3 and (5)..

NZDUSD is likely to fall further toward the next support level 0,5800 (forecast price for the completion of the active short-term impulse wave 3).

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