• NZDUSD broke support area
• Further losses are likely toward 0.6300

NZDUSD recently broke through the support area lying between the key support level 0.6380 (which reversed the previous sharp short-term impulse wave 1 at the start of August) and the support trendline of the wide daily down channel – which enclosed the active multi-month downward impulse sequence 3 from the middle of March. The breakout of this down channel signaled the acceleration of the active downtrend – strengthened by the bearish NZD sentiment seen across the market. NZDUSD is likely to extend the losses toward the next support level 0.6300 (target price for the completion of wave 3).