Categories: Technical analysis

NZDUSD Wave Analysis 31 December 2024

– NZDUSD broke key support 0.5600

– Likely to fall to support level 0.5500

NZDUSD currency pair under the bearish pressure after breaking the key support 0.5600, which stopped the previous long-term ABC correction (2) earlier this month.

The breakout of the support 0.5600 strengthened the bearish pressure on this currency pair.

Given the multi-month downtrend, NZDUSD currency pair can be expected to fall to the next major support level 0.5500 (which stopped multiyear downtrend in 2022) – from where the upward correction is likely.

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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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