NZDUSD Wave Analysis 31 December 2024

– NZDUSD broke key support 0.5600

– Likely to fall to support level 0.5500

NZDUSD currency pair under the bearish pressure after breaking the key support 0.5600, which stopped the previous long-term ABC correction (2) earlier this month.

The breakout of the support 0.5600 strengthened the bearish pressure on this currency pair.

Given the multi-month downtrend, NZDUSD currency pair can be expected to fall to the next major support level 0.5500 (which stopped multiyear downtrend in 2022) – from where the upward correction is likely.