NZDUSD Wave Analysis – 29 January, 2020

• NZDUSD broke support area
• Likely to fall to 0.6450

NZDUSD under the bearish pressure after the earlier breakout of strong support area lying between the support level 0.6530 and the support trendline of the daily up channel from the start of October.

The breakout of this support area should accelerate the active short-term impulse wave 3 – which belongs to the sharp impulse wave (3) from December.

NZDUSD is likely to fall further toward the next support level 0.6450 (former monthly high from November and the target for the completion of the active impulse wave 3).