Technical analysis

NZDUSD Wave Analysis 12 February, 2021

NZDUSD Wave Analysis 12 February, 2021

• NZDUSD falling inside sideways price range

• Likely to reach support level 0.7100

NZDUSD recently reversed down from the pivotal resistance level 0.7250 (upper boundary of the sideways price range inside which the pair has been trading from the start of January) intersecting with the upper daily Bollinger band.

The downward reversal from the resistance level 0.7250 started the active minor correction (ii) which belongs to the impulse wave 3 from the end of January.

NZDUSD can be expected to fall further toward the next support level 0.7100 (low of the previous waves (4) and 2) – coinciding with the daily up channel from 2020.\

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