Market Snapshots

NZDUSD Wave Analysis – 11 May, 2020

NZDUSD Wave Analysis – 11 May, 2020

• NZDUSD reversed from resistance level 0.6160

• Likely to fall to 0.6000

NZDUSD recently reversed down from the resistance level 0.6160 (top of the previous daily Evening Star) – intersecting with the upper daily Bollinger band and the lower trendline of the wide down channel from 2019.

The downward reversal form the resistance level 0.6160 is likely to create the daily reversal pattern Bearish Engulfing.

NZDUSD is expected to fall further toward the next round support level 0.6000 (low of the previous Bullish Engulfing from the start of May).

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