NZDUSD Wave Analysis – 17 July 2023

– NZDUSD reversed from resistance level 0.6400

– Likely to fall to support level 0.6255

NZDUSD recently reversed down from the major resistance level 0.6400 (which has been reversing the price from last February).

The downward reversal from the resistance level 0.6400 stopped the previous impulse waves (iii) and 3.

Given the strength of the resistance level 0.6400 and the overbought daily Stochastic, NZDUSD can be expected to fall further toward the next support level 0.6255, previous monthly high from June.