NZDUSD Analysis 06 November, 2020

• NZDUSD reversed from resistance area

• Likely to fall to 0.6710

NZDUSD recently reversed down from the resistance area lying between the key resistance level 0.6790 (which stopped the previous impulse waves 3 and 5 in September, as can be seen below) and the upper daily Bollinger Band.

The downward reversal from this resistance area stopped the previous impulse waves 3 and (3).

Given the overbought daily Stochastic – NZDUSD is likely to fall further toward the next support level 0.6710 (former top of the previous impulse wave 1 from the end of October).