NZDUSD Wave Analysis – 21 March, 2019

• NZDUSD reversed from resistance area
• Further losses are likely

NZDUSD recently reversed down from the resistance area lying between the key resistance level 0.6940 (which has been reversing the price from start of December) and the upper daily Bollinger Band.

This resistance area was further strengthened by the upper weekly Bollinger Band.

Given the overbought reading on the daily Stochastic indicator – NZDUSD is expected to fall further and re-test the next support level 0.6830.