NZDUSD Wave Analysis 29 October, 2020

• NZDUSD reversed from resistance area

• Likely to fall to 0.6550

NZDUSD recently reversed down from the resistance area lying between the resistance level 0.6680 (which stopped the previous impulse wave (1) earlier this month) and the upper daily Bollinger Band.

The downward reversal from this resistance area created the daily Japanese candlesticks reversal pattern Bearish Engulfing.

NZDUSD is likely to fall further toward the next support level 0.6550 (low of the previous waves 2 and (2) from the start of October).