NZDUSD Wave Analysis – 24 October, 2022

• NZDUSD reversed from resistance level 0.5785

• Likely to fall to support level 0.5600

NZDUSD recently reversed down from the resistance level 0.5785 (top of the previous wave (iv) from the start of October).

The resistance level 0.5785 was further strengthened by the upper daily Bollinger Band and by the 38.2% Fibonacci correction of the downward impulse from September.

Given the strong daily downtrend, NZDUSD can be expected to fall further toward the next support level 0.5600 (low of the previous wave (b)).