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)).
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