Market Snapshots

NZDUSD Wave Analysis – 1 May, 2020

NZDUSD Wave Analysis – 1 May, 2020
  • NZDUSD reversed from resistance level 0,6100
  • Likely to fall to 0.6000

NZDUSD today reversed down from the resistance zone located between the resistance level 0,6100 (which stopped previous wave A), upper daily Bollinger Band and the 50% Fibonacci retracement of the sharp downward impulse from December.

This resistance zone was further strengthened by the lower trendline of the recently broken wide weekly down channel from 2018 (acting as resistance after it was broken).

NZDUSD is expected to fall further toward the next round support level 0.6000.

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