NZDUSD Analysis – 20 September, 2022

• NZDUSD broke round support level 0.6000

• Likely to fall to support level 0.5800

NZDUSD currency pair recently broke below the round support level 0.6000 (which stopped the earlier minor impulse wave (i) at the start of this month).

The breakout of the support level 0.6000 accelerated the active impulse waves 3 and (iii) – which belong to the sharp downward impulse sequence (C) from April.

Given the strong daily downtrend, NZDUSD can be expected to fall further toward the next support level 0.5800 (forecast price for the completion of the active impulse wave 3).