Technical analysis

NZDUSD Wave Analysis 16 November 2023

– NZDUSD reversed from resistance level 0.6020

– Likely to fall to support level 0.5925
NZDUSD currency pair recently reversed down from key resistance level 0.6020 (which has been reversing the price from August) coinciding with the upper daily Bollinger Band.

The resistance level 0.6020 was also strengthened by the coinciding 38.2% Fibonacci correction of the downward impulse from July.

Given the clear daily uptrend, NZDUSD currency pair can be expected to fall further toward the next support level 0.5925.

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