Technical analysis

NZDUSD Wave Analysis – 20 February 2023

• NZDUSD reversed from key support level 0.6220

• Likely to rise to resistance level 0.6400

NZDUSD currency pair recently reversed up from the key support level 0.6220, intersecting with the lower daily Bollinger Band and the 38.2% Fibonacci correction of the upward impulse from November.

The upward reversal from the support level 0.6220 stopped the previous short-term ABC correction 2.

NZDUSD can be expected to rise further toward the next resistance level 0.6400 (top of the previous minor correction (b)).

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