NZDUSD Wave Analysis – 18 May, 2020
May 18, 2020 @ 17:54 +03:00
• NZDUSD reversed sharply from support zone
• Likely to rise to .6145
NZDUSD today reversed up sharply from the support zone located between the key support level 0.5923 (which created two consecutive Morning Stars in April), lower daily Bollinger band and the 38.2% Fibonacci correction of the previous ABC correction from March.
The upward reversal from this support area stopped the earlier medium-term impulse wave (3). NZDUSD is likely to rise further toward the next resistance level 0.6145 (intersecting with the lower trendline of the wide down channel from last year).