NZDUSD Wave Analysis – 15 April, 2020

• NZDUSD reversed from resistance area
• Likely to fall to 0.5850

NZDUSD recently reversed down from the resistance area lying between the resistance level 0.6100, upper daily Bollinger Band and the 50% Fibonacci correction of the previous downward impulse from January.

The downward reversal from this resistance area stopped the previous short-term ABC correction 2 from the middle of March.

Given the clear multi-year downtrend that can be seen on the daily and the weekly charts – NZDUSD is likely to fall further toward the next support level 0.5850 (low of the previous wave (b)).