Technical analysis
NZDUSD Wave Analysis – 31 May, 2022
May 31, 2022 @ 16:53 +03:00
![NZDUSD Wave Analysis – 31 May, 2022 NZDUSD Wave Analysis – 31 May, 2022](https://fxpro.news/wp-content/uploads/2018/12/banner-new-zealand-dollar-coin-notes-close.jpg)
• NZDUSD reversed from resistance level 0.6535
• Likely to fall to support level 0.6425
NZDUSD recently reversed down from the key resistance level 0.6535 (top former multi-month low from January).
The resistance area near the resistance level 0.6535 was strengthened by the upper daily Bollinger Band and by the 38.2% Fibonacci correction of the previous sharp downward impulse 1 from April.
Given the strong downtrend and strong USD inflows, NZDUSD can be expected to fall further toward the next support level 0.6425.
![](https://fxpro.news/wp-content/uploads/2022/05/nzdusd-primary-analysis-may-31-1531-pm-1-day-1024x479.png)