Technical analysis

NZDUSD Wave Analysis – 23 June, 2021

• NZDUSD reversed from support zone

• Likely to rise to resistance level 0.7100

NZDUSD recently reversed up with the daily candlestick pattern Piercing Line from the support zone lying between the key support level 0.6945 (former multi-month low from March) and the lower daily Bollinger Band.

The upward reversal from this support zone stopped the previous sharp downward impulse (C).

NZDUSD can then be expected to rise further toward the next resistance level 0.7100 (former monthly low from May).

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