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)).