NZD/USD further weakness expected – EW-Forecast

FXStreet (Barcelona) - Gregor Horvat of EW-Forecast, gives the technical outlook for NZD/USD, and views that further weakness lies ahead for pair.

Key Quotes

“NZDUSD is also looking bearish as recent strong leg down from around 0.7665 unfolded with an extended five waves, so we assume that’s wave three within larger bearish impulse.”

“As such, more weakness is expected after current four wave pullback that is now at resistance, near 0.7490.”