Technical analysis

NZDUSD Wave Analysis 11 May, 2021

• NZDUSD reversed from resistance area

• Likely to fall to support level 0.7130

NZDUSD recently reversed down from the resistance area lying between the pivotal resistance level 0.7275 (which has been steadily reversing the pair from the start of March) and the upper daily Bollinger Band.

The downward reversal from this resistance area stopped the previous medium-term impulse wave (3).

NZDUSD is likely to fall toward the next support level 0.7130 (which stopped the previous corrections (iv) and (2)).

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