Technical analysis

NZDUSD Wave Analysis – 07 November , 2018

  • NZDUSD broke resistance zone
  • Further gains are likely

NZDUSD continues to rise after the earlier breakout of the resistance zone located between the key resistance level 0.6700 (top of wave 4 from September) and the 61.8% Fibonacci correction of the previous downward impulse from July.

The breakout of this resistance zone accelerated the active impulse wave (C). This price zone is acting as a strong support zone after it was broken.

NZDUSD is like to rise further and re-test the next resistance level 0.6840 (which reversed the price multiple times in July).


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