NZDUSD Wave Analysis – 21 February, 2020

• NZDUSD broke support area
• Likely to fall to 0.6250

NZDUSD continues to fall after the earlier breakout of the support area lying between the support levels 0.6375 (which stopped the previous sharp impulse wave 1) and 0.6330 (low of the B-wave from the start of November).

The breakout of these support levels accelerated the active short-term impulse wave 3, which belongs to the medium-term impulse sequence (3) from December.

Given the clear daily downtrend – NZDUSD is likely to fall further toward the next support level 0.6250 (monthly low from last October).