NZDUSD Wave Analysis – 19 January, 2023

• NZDUSD reversed from resistance level 0.6460

• Likely to fall to support level 0.6300

NZDUSD recently reversed down from the major resistance level 0.6460 (which has been reversing this currency pair from August).

The resistance level 0.6460 was strengthened by the upper daily Bollinger Band and by the 61.9% Fibonacci retracement of the strong downtrend from last April.

Given the clear daily downtrend, NZDUSD can be expected to fall further toward the next support level 0.6300.