NZDUSD Wave Analysis – 19 August, 2022

• NZDUSD broke support level 0.6220

• Likely to fall to support level 0.6135

NZDUSD recently broke the support level 0.6220 (low of the previous wave B, which has been reversing the pair from last month).

The breakout of the support level 0.6220 coincided with the 61.8% Fibonacci correction of the upward impulse from July. Given clear daily downtrend – NZDUSD can be expected to fall further toward the next support level 0.6135 (target for the end of the active wave (B)).