NZDUSD Wave Analysis 21 September, 2020

• NZDUSD reversed from resistance area

• Likely to fall to 0.6600

NZDUSD recently reversed down from the resistance area lying between the resistance level 0.6785 (which also stopped the pair at the start of September) and the upper daily Bollinger Band.

The downward reversal from this resistance area created the daily Japanese candlesticks reversal pattern Shooting Star.

Given the bearish divergence on the daily Stochastic indicator – NZDUSD is likely to fall further toward the next support level 0.6600 (low of the previous Piercing Line candlesticks pattern).