– NZDUSD reversed from resistance level 0.6000
– Likely to fall to support level 0.5900
NZDUSD currency pair recently reversed down from the strong round resistance level 0.6000 (former multi-month support from June), coinciding with the 20-day moving average and the 50% Fibonacci correction of the downward impulse from the start of August.
The downward reversal from the resistance level 0.6000 stopped the wave 4 of the active sharp downward impulse wave C from July.
Given the overriding daily downtrend, NZDUSD can be expected to fall further toward the next support level 0.5900 (low of the previous impulse wave 3).