Technical analysis

EURNZD Wave Analysis – 7 April 2023


• EURNZD reversed from long-term resistance level 1.7450

• Likely to fall to support level 1.7300

EURNZD recently reversed down from the major, long-term resistance level 1.7450 (which has been steadily reversing the price from the end of September) standing near the upper daily Bollinger Band.

The downward reversal from the resistance level 1.7450 stopped the previous short-term impulse waves (iii), 3 and (C).

Given the bearish divergence on the daily Stochastic, EURNZD can then be expected to fall further toward the next support level 1.7300.

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