Technical analysis

NZDUSD Wave Analysis 29 December 2023

– NZDUSD reversed from key resistance level 0.6360

– Likely to fall to support level 0.6275

NZDUSD recently reversed down from the daily up channel from November intersecting with key resistance level 0.6360, which has been repeatedly reversing the pair from the start of February.

The downward reversal from the resistance level 0.6360 stopped the earlier impulse wave 3 of the intermediate impulse wave (C) from the start of December.

Given the strength of the resistance level 0.6360 and the overbought daily Stochastic, NZDUSD can be expected to fall further to the next support level 0.6275.

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