Categories: Technical analysis

NZDUSD Wave Analysis – 11 May, 2020

• NZDUSD reversed from resistance level 0.6160

• Likely to fall to 0.6000

NZDUSD recently reversed down from the resistance level 0.6160 (top of the previous daily Evening Star) – intersecting with the upper daily Bollinger band and the lower trendline of the wide down channel from 2019.

The downward reversal form the resistance level 0.6160 is likely to create the daily reversal pattern Bearish Engulfing.

NZDUSD is expected to fall further toward the next round support level 0.6000 (low of the previous Bullish Engulfing from the start of May).

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

Share
Published by
The FxPro Tech Analysis Team
Tags: NZDUSD

Recent Posts

Dollar: Slowing Momentum, Same Direction

The dollar has paused its strengthening, as weaker-than-expected inflation data reduces fear of future Fed…

3 hours ago

Bitcoin Fell Back to Local Support

Bitcoin finds support near the 50-day moving average, but further declines in the stock market…

5 hours ago

EURCHF Wave Analysis 20 December 2024

- EURCHF falling inside minor impulse wave 5 - Likely to fall to support level…

3 days ago

USDCHF Wave Analysis 20 December 2024

- USDCHF reversed from resistance zone - Likely to fall to support level 0.8860 USDCHF…

3 days ago

The US dollar ends the year on a strong note

The US dollar is at two-year highs. Factors such as changes in the Fed's monetary…

3 days ago

How deep will crypto dive?

The crypto market is experiencing a decline, with a potential further drop in value. Bitcoin…

3 days ago

This website uses cookies