NZDUSD Wave Analysis – 31 May, 2022
May 31, 2022 @ 16:53 +03:00
• 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.