Categories: Technical analysis

NZDUSD Wave Analysis – 31 May, 2022

• 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.

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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The FxPro Tech Analysis Team
Tags: NZDUSD

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