Technical analysis

NZDUSD Wave Analysis – 4 June, 2021

• NZDUSD reversed from support zone

• Likely to rise to resistance level 0.7300

NZDUSD recently reversed up from the support zone lying between the pivotal support level 0.7150 (which as been reversing the price from April), lower daily Bollinger Band and the 50% Fibonacci correction of the upward impulse (1) from March.

The upward reversal from this support zone stopped the previous intermediate ABC correction (2).

NZDUSD can then be expected to rise further toward the next resistance level 0.7300 (top of the previous impulse waves (1) and B).

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