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).