Technical analysis

NZDUSD Wave Analysis 20 May, 2021

• NZDUSD reversed from support level 0.7145

• Likely to rise to resistance level 0.7275

NZDUSD recently reversed up from the key support level 0.7145 (which stopped the previous corrections (iv), (a) and (c)).

The support zone near the support level 0.7145 was strengthened by the lower daily Bollinger Band and by the 38.2% Fibonacci correction of the upward impulse (1) from March.

NZDUSD is likely to rise further toward the next resistance level 0.7275 (low of the previous waves (b) and (1)).

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