NZDUSD Wave Analysis 23 March, 2021

• NZDUSD broke support area

• Likely to test support level 0.7000

NZDUSD recently broke the support area lying at the intersection of the support level 0.7100 and the 38.2% Fibonacci correction of the pervious upward impulse from the middle of October.

The breakout of this support area accelerated the C-wave of the active ABC corrective wave (2) from the end of February.

Given the predominantly bearish New Zealand dollar sentiment seen today – NZDUSD is likely to fall further toward the next support level 0.7000 – followed by the support level 0.6900.