NZD/USD accelerates down to as low as 0.6816 so far today, on broad based risk aversion. The break of 0.6858 support should firstly confirmed that corrective rise from 0.6804 has completed with three waves up to 0.7217. More importantly, larger down trend form 0.7463 is now ready to resume.
Further fall is now expected as long as 0.6965 minor resistance holds. Break of 0.6804 will target 38.2% retracement of 38.2% retracement of 0.5467 to 0.7463 at 0.6731 next. We’d tentatively expect strong support from there to complete the fall from 0.7463. Hence, focus will be on bottoming signal as NZD/USD approaches 0.6731.
