NZDUSD Wave Analysis – 31 March, 2020

• NZDUSD reversed from resistance area
• Likely to fall to 0.6000.

NZDUSD recently reversed down from the resistance area lying between the round resistance level 0.6000 (low of the previous reversal pattern Long-Legged Doji from the start of March) and the 61.8% Fibonacci correction level of the previous sharp downward impulse 5.

The downward reversal from this resistance area started the active short-term correction B – which belongs to wave (2) from the start of this month.

NZDUSD is likely to fall further toward the next support level 0.5850. Strong resistance remains at the resistance level 0.6000.