Categories: Technical analysis

NZDUSD Wave Analysis – 18 May, 2020

• NZDUSD reversed sharply from support zone

• Likely to rise to .6145

NZDUSD today reversed up sharply from the support zone located between the key support level 0.5923 (which created two consecutive Morning Stars in April), lower daily Bollinger band and the 38.2% Fibonacci correction of the previous ABC correction from March.

The upward reversal from this support area stopped the earlier medium-term impulse wave (3). NZDUSD is likely to rise further toward the next resistance level 0.6145 (intersecting with the lower trendline of the wide down channel from last year).

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.

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The FxPro Tech Analysis Team
Tags: NZDUSD

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