NZDUSD Wave Analysis – 30 January, 2019

NZDUSD broke resistance area
Further gains are likely

NZDUSD recently broke the resistance area lying between the resistance level 0.6850 (previous high from the start of January) – intersecting with the resistance trendline from the middle of April. This price area is acting as strong support zone after it was broken.

The breakout of this price zone accelerated the active short-term correction 2 from the start of January.

NZDUSD is expected to rise further and re-test the next resistance level 0.6950 (which reversed the previous ABC correction (2) in December).

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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