NZDUSD Wave Analysis – 5 September, 2022

• NZDUSD reversed from support zone

• Likely to rise to resistance level 0.6140

NZDUSD currency pair ended last week with the Bullish Engulfing, which the pair formed near the key support level 0.6060 (former monthly low from July) standing near the lower daily Bollinger Band.

The upward reversal from this support zone stopped the previous multi-impulse sequence made of the impulse waves (iii), 5 and (C).

Given the oversold reading on the daily Stochastic – NZDUSD can be expected to rise further toward the resistance level 0.6140.