Categories: Technical analysis

NZDUSD Wave Analysis 25 October 2024

– NZDUSD broke support zone

– Likely to fall to support level 0.5920

NZDUSD currency pair recently broke the support zone set between the support level 0.6050 (which stopped wave A at the start of October) and the 61.8% Fibonacci correction of the upward impulse from August.

The breakout of this support zone accelerated the C-wave of the active ABC correction (2).

Given the strength of the active C-wave, NZDUSD currency pair be expected to fall toward the next support level 0.5920 (target for the completion of the active ABC correction (2)).

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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Tags: NZDUSD

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